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FCA adds new question to GI pricing FAQs

FCA has added an additional question to its Q&As on its general insurance pricing practices rules.  The new question relates to whether certain benefits such as events tickets, rare products or products of benefit to consumers, as well as insurer branded products, would be considered as non-cash incentives.  FCA says that firms need to have their own methodology to determine how readily these incentives could be considered to have a monetary value and that it expects firms to keep records to show how they have come to their conclusions on any given benefit.

Emma Radmore