Insurers and intermediaries: UK legal and regulatory certainties in 2021
13th January 2022, 2:43 pm
Following our review of key issues for 2021 in this article we consider the impact of recent developments in product requirements for insurers, particularly in light of the FCA’s focus on value in distribution chains, pricing and vulnerable customers.
Since the specific product governance rules of the Insurance Distribution Directive (IDD) came into force, the FCA’s focus in related areas has increasingly referred back to the approach in these rules. It is clear from the FCA’s latest insurance consultations and guidance that firms’ product development and distribution processes are seen as central to the impact of their businesses on customers and treating them fairly.
Firms need to ensure that they are fully aware of these regulatory developments and the FCA’s focus on how firms approach their particular products and specific customer base.
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