FCA updates on GI pricing

FCA has made some minor changes to the rules on general insurance pricing which were published in May. Among other things, the changes:

• clarify how the rules apply to firms that offer discounts or incentives to customers;
• clarify how the reporting rules apply to intermediaries that rebate commission;
• amend the definition of “renewal”, which will affect how the pricing and reporting rules apply; and
• clarify how the transitional rules work.

FCA has also published a set of FAQs addressing some of the questions it has received since its May update.

Finally, FCA says it will shortly publish the final wording of the attestation that price-setting firms are required to submit.