The FCA has published final guidance for insurance product manufacturers and distributors involved in the general insurance distribution chain (see FG19/5). The guidance builds on existing FCA rules and clarifies its expectations in respect of product development, distribution and review.
Our latest "at a glance" guide (which can be found here) provides a summary of the guidance, including actions for manufacturers and distributors to consider.
This latest publication is just one of many addressing the FCA's cross-sector priority of ensuring fairness in pricing and product value. The FCA's earlier thematic review (TR19/2) (see our previous "at a glance" guide here) warned firms that they needed to do more to protect customers from harm in the way that they design and distribute products. The accompanying Dear CEO Letter was framed as "an immediate call to action" to firms to ensure that customer outcomes were at the heart of every firm's business model.
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