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Category - Consumer Insurance

FCA and Lloyds update on Brexit

FCA and Lloyd’s have both issued releases confirming how firms should act in the immediate aftermath of Brexit. FCA confirmed that during the implementation period to 31 December EU law will continue to apply. So...

FCA fines CMC for misleading communications

FCA has published its first fine since taking over regulation of Claims Management Companies. It has fined Professional Personal Claims Limited £70,000 for misleading customers through its website and printed materials...

Up next from FCA

FCA’s latest Policy Development Update indicates several key publications scheduled for Q1 2020, including: potential policy statement on general insurance value measures reporting; consultation or discussion...

FCA publishes IDD general good table

FCA has published on its website the IDD “general good” rules that apply to incoming firms. The table refers to the existing guidance in SUP 13A Annex 1, and notes that many parts of FCA’s rules apply...

FCA publishes GI distribution chain guidance

FCA has published its finalised guidance for general insurance product manufacturers and distributors on the distribution chain. The guidance follows the findings from FCA’s thematic review in 2017 and 2018, and...

FCA publishes insurance pricing report

The FCA published its interim report of its market study into the pricing of home and motor insurance on 4 October.  The report sets out the FCA’s initial findings and possible remedies to tackle the issues...

CMA takes action over PPI reminder failures

CMA has ordered RBS and Santander to take remedial action after they did not send, or sent inaccurate annual PPI reminders to customers. The banks must now appoint independent bodies to audit their PPI processes and put...

Up next from FCA

The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...

Commission adopts unfair terms guidance

The European Commission has adopted a guidance note on the Unfair Contract Terms Directive.  The note covers: the objectives and scope of the directive; key terminology such as “supplier” and...

EBA reports on POG guidance implementation

EBA has reported on how industry has implemented its Product Oversight and Governance arrangements guidelines. It found a mix of good and bad practices. Some of its criticisms were that: often the manufacturer’s...

CMA updates on loyalty penalty work

CMA has updated on its work on the loyalty penalty. It says key decisions are due shortly and that two enforcement cases are underway. It says it expects regulators to take strong action where they find problems and...

Complaint levels fall

FCA’s data for complaints against regulated firms for H2 2018 show that complaints decreased by 5%, with PPI complaints falling by 8% – although PPI still accounted for 40% of all complaints. In part this...

UK insurance stress test feedback request

As the PRA prepares to conduct a stress test exercise, it has written to firms and industry participants to ask for feedback. The exercise will involve the largest life and general insurers, and run from Monday 1 July...

UK / Switzerland deal reached on insurance

At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...