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FCA GI Consumer Duty and update

25 April 2023

Online
FCA GI Consumer Duty and update

CPD Certified

1 1/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.

In this comprehensive and interactive webinar, Branko Bjelobaba FCII gives an update on the FCA’s general insurance consumer duty – what it means and how you can be prepared for the next changes.

Description

The FCA has made it clear that some firms may be further behind in their thinking and planning for the Duty. This brings a risk that they may not be ready in time, or they may struggle to embed the Duty effectively throughout their business. A recent review highlighted three key areas where firms should particularly focus their attention during the second half of the implementation period (to 31 July 2023):

  • Effective prioritisation
  • Embedding the substantive requirements
  • Working with other firms (many firms need to work and share information with other firms in the distribution chain, but some plans gave little focus to this area).

This general insurance focused session also includes an update on Product Value Assessments (note the FCA criticised insurers for their lack of progress with this). Both brokers and insurers have an important role to play, and this session will ensure you understand what you have to do and what changes need to happen in year two of the process to ensure it all gets done.

Learning objectives

  • What is the new Consumer Duty and what will you have to do?
  • A reminder as to current issues when it comes to general insurance
  • Key aspects of the product governance rule to include product value assessments
  • Present position on multi-occupancy insurance and the ramifications of this for insurers and brokers alike

Speaker

Details

Date:
April 25, 2023
Time:
10:00am - 11:15am BST
Category:
, ,

Venue

This is an online event

Organiser

The Insurance Institute of London (IIL)
Phone:
+44 20 7600 1343
Email:
Iil.london@cii.co.uk
Website:
https://www.iilondon.co.uk/home/

Other

CPD text
1 1/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.