This market briefing will discuss the complexities and broader requirements of the Consumer Duty and how it could apply to IUA members.
The FCA’s Consumer Duty is the second recent key piece of legislation seeking to ensure good outcomes for insurance customers. It follows the FCA’s General Insurance pricing practices, GIPP, (implemented from 1.1.2022) and Treating Customers Fairly Rules (and the FCA’s six key outcomes), which have existed since 2006.
The FCA has clarified that non-UK risks and reinsurance are not covered under the Consumer Duty, although the GIPP does still apply. However, there remains significant ambiguity about what should be done with respect to better customer communication and measurement of understanding of SMEs.
If the Duty is deemed to apply to some parts of your business, what are the requirements exactly? Are they different for lead insurers versus follow? And how easy will the risks of different requirements being applied to differently types of business be to manage?
At this market briefing, our guest speakers will attempt to clear a path through what you may need to consider and do as part of the London Market. To assist our guest speakers in highlighting the issues of Consumer Duty that most affect IUA members, a brief survey has been produced the results of which will be discussed on the day. To access the pre-event Survey, please click here. All completed surveys will be treated in the strictest of confidence. Survey will close on 03 February 2023