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- The Source, Global Reach, Cardiff, CF11 0SN
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Tag: compliance
2024 – A Year in Reflection
On the whole, 2024 was very much a turbulent time for the insurance industries in the UK.
From rising premiums to referrals becoming a focal point for insurers, advisers and consumers alike, we have seen a lot of change in a heightened market.
Talking ‘Bout a Regulation
In August, the regulator published the latest in a series of consistent updates and analyses, which addresses several themes and concerns in the eyes of the FCA.
Everything Counts
“Everything counts in large amounts”. So sang synth pop band Depeche Mode in their 1983 hit – a thinly veiled critique of corporate greed. In the age of an outcomes-focused regulator, however, does everything still count, in what amounts, and does it all add up to ‘fair value’?
The Themes Remain the Same
Whilst acknowledging that most brokers and insurers in the study had taken steps towards improving their product governance, too many continued to fall short of the regulator’s high standards.
Consumer Duty Report – The Clock is Ticking
Much like the Doomsday Clock, which counts down to the likelihood of a human-made global catastrophe, the Consumer Duty Clock is getting ever closer to midnight, when the first annual board report will be due.
“Life is Like a Box of Chocolates…”
Vulnerability is not new, although the use of that label has taken on a new significance in recent years. The FCA talking about Vulnerable Customers is not new either – launching their first consultation on the subject in 2019 and publishing their industry-wide regulatory guidance in February 2021.