The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week. Some of the key points are highlighted below: Technological Advances as Drivers of Change The General Insurance sector has been affected by technological advances which have given firms access to
In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond. In general, the Business Plan identifies a shift in focus towards market structures, incentives and distribution and away from issues directly affecting retail/SME consumers (though the FCA will continue to monitor and review
Background In December 2016 the FCA released a report setting out the results of a thematic review it conducted into general insurance intermediaries’ professional indemnity insurance. Professional indemnity insurance (“PII“) gives protection to firms and their customers in the event of professional failings by the firm. The purpose of the review was to evaluate the
Price Comparison Websites (PCWs) are increasingly popular among consumers and are a key distribution channel for retail general insurance products, especially private motor insurance. In its recently published thematic review the FCA found some PCWs are failing to meet consumers’ expectations and, in some cases, FCA regulatory standards.
In the UK, there has been a lot of activity in relation to ensuring the protection of consumers buying general insurance products. On the back of the (relatively new) Consumer Insurance (Disclosure and Representations) Act 2012, there have been a number of FCA initiatives for increasing consumer protection and fairness and it can be said
Yesterday saw the FCA hold its first General Insurance Sector Conference. Amongst the keynote speakers were Martin Wheatley (CEO) and Clive Adamson (Director of Supervision) who gave an overview of the FCA’s current activities in the GI sector and an indication of further areas of focus over the coming year.