On 4 October 2019, the FCA published its much anticipated Interim Report on its Market Study into general insurance pricing practices (the “Interim Report“). The Market Study stems from the work of the FCA in its Thematic Review into pricing practices in the retail insurance sector which concluded that further action was necessary due to
On 20 May 2019, the FCA published findings from its multi-firm review into the supervision by principal firms of their appointed representatives (“ARs“) in the investment management sector (“Investment Management Sector Review“). This review was conducted following the publication in July 2016 of the FCA’s Thematic Review TR16/6: Principals and their appointed representatives in the
In an increasingly complex and diversified market, business acquisition and administration structures relying on the delegation of authority to third parties has become commonplace. The findings that the FCA has made in its thematic review, “Delegated authority: Outsourcing in the general insurance market” are therefore of significance for many participating in the UK general insurance
An FCA review into insurance claims handling for small and medium-sized enterprises found that insurers were not meeting the expectations of SMEs in their handling of insurance claims. In the review, published on 22 May 2015, the FCA found that there was an overall poor perception by SMEs of the claims experience, with some SMEs
Introduction Insurers and insurance intermediaries do not always provide consumers with clear and appropriate information on the payment options available when buying insurance products, the Financial Conduct Authority has found. The aim of the FCA’s thematic review on the Provision of Premium Finance to Retail General Insurance Customers was to assess whether firms were providing appropriate
The FCA has been working with a number of major retail financial firms, including insurers, on a forward-looking thematic review aimed at identifying areas for improvement in handling consumer complaints. The purpose of the review was to identify any barriers within firms that prevent effective complaint handling. The review did not address PPI complaints.
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.
This thematic review was launched in May 2013 to examine the claims process in the retail insurance market, with a particular focus on household and travel claims. The purpose of the review was not to test whether insurers are complying with FCA rules, but to find out more about customers’ experiences at the point of
In its annual Business Plan published earlier this month the FCA announced four new Thematic Reviews affecting the insurance sector.
In May 2013 the FCA launched a thematic review into the claims process in the insurance market, looking at trends across the general insurance market, with a particular focus on household and travel claims. Earlier this month the FCA published its initial findings. The FCA found that 65% of household insurance customers were satisfied with