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In this Insurance Institute of London (IIL) London Market lecture Karina McTeague will talk about the issue of non-financial misconduct in the insurance industry, where the FCA stand on the problem and the effect and potential harm this can have on a firm.
As the conduct regulator, the FCA expect firms to foster cultures which prevent harm to consumers and markets. It is becoming increasingly clear that the issue of non-financial misconduct remains prevalent in the culture of the insurance industry.
The regulator and the industry need to work together to remove this issue from the sector. Poor culture in financial services can directly lead to harm and in recent history has been a key root cause of the major conduct failings that have occurred within the industry.
Non-financial misconduct includes: discrimination, harassment, victimisation and bullying. A culture where these behaviours are tolerated is not one that creates a healthy environment for employees, which could affect the best talent being retained, the best business choices being made and the best risk decisions being taken.
By the end of this lecture members would have gained an insight into:
• The risks non-financial misconduct poses to the insurance industry
• The FCA’s expectations in relation to non-financial misconduct
Roy White, Chair, LIIBA.