With fewer than 90 days to go until the start of the Consumer Duty the FCA has urged firms to ensure they are ready for the 31 July deadline. Sheldon Mills, Executive Director of Consumers and Competition at the FCA, warned that firms who ignore the Duty or who pose the most harm can expect swift action.

Description

The current cost of living squeeze makes it all the more vital consumers get fair value, and this should also benefit the competitiveness of the industry as firms strive to offer the best to compete for customers.

A 13 page letter was sent on 13 February 2023 and on 19 March 2023 a survey was sent by the FCA to 600 firms to check progress. This General Insurance focused session will also include an update on Product Value Assessments where both brokers and insurers have an important role to play

We will also cover the current position on multi-occupancy insurances following intervention by the government and the FCA’s new requirements that were published on 21 April 2023. Under the proposals, leaseholders would be defined as customers of buildings insurance and firms will have to act in leaseholder’s best interests and a ban on selling policies based on commission or remuneration levels. Insurers and brokers will also need to provide more information about policies to leaseholders, including detail of any commission paid.

Itinerary

• 10.30am Registration/tea and coffee
• 11am-1pm Workshop
• 1pm Lunch/networking

Speaker

• Branko Bjelobaba, Branko Ltd