The FCA has today published a new webpage on requirements in its Handbook that apply to firms distributing insurance.
The FCA says that although it expects firms will have already adapted their processes to take account of the new rules, which came into effect on 1 October 2018, it was calling on them to continue to consider how they can improve outcomes for their customers.
The page focuses on IDD requirements in respect of: (i) identifying customers’ insurance demands and need, and ensuring that products offered are consistent with them; (ii) having in place product oversight and governance arrangements; (iii) adhering to the customer’s best interests rule.
Firms will be expected to consider these requirements as the FCA will be focusing on them as part of its supervision.
More information on each of the above requirements and the webpage can be found here.