In this comprehensive and interactive webinar, Branko Bjelobaba FCII focuses on the long-awaited policy statement published by the FCA – General Insurance Pricing Practices Market Study – Feedback to CP20/19 and Final Rules (PS21/5). The 87 pages of new rules address what has been described as the ‘loyalty penalty’ paid by existing general insurance product customers and aim to ensure that customers receive fair value in the insurance products they buy.
The rules introduce a package of market remedies which include:
The rules relating to systems and controls and product governance (in addition to premium finance) came into effect on 1 October 2021. The rules on pricing, auto renewal and reporting will come into effect on 1 January 2022, with a transitional provision (until 17 January) for the rules on pricing and auto renewal disclosure.
This webinar is relevant to anyone working in general insurance to include brokers, insurers and anyone with an interest in this area.
Please note: this is a repeat of the session held on 19 August 2021.