We wrote about the background to updated redress guidance following the Chancellor’s announcement of changes to the way that the Retail Prices Index (RPI) inflation measure is calculated from 2030. You can read that article here.
The FCA’s transfer redress guidance has now been duly updated and can be accessed here. The changes affect all redress calculations since 25 November 2020, even where those have been agreed and settled with clients. Calculations will need to be redone if necessary and any additional redress due will need to be paid.
GI – value measures
Alistair MacDougall Compliance 2021, FCA, PI, protection
We have received the following from the FCA. We want to draw attention to a new FCA publication; https://www.fca.org.uk/data/general-insurance-value-measures-jul-dec-2021 As you will be aware, in our General Insurance (GI) add-ons market study (MS14/1) we identified poor product value as an area of harm in general insurance. This has been caused by ineffective competition between providers […]