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.
General Insurance Pricing Rules – Compliance with ICOBS 6B Attestation
Paul Caine Compliance Conduct, email, FCA, scam, Senior Manager, Update
The FCA is requesting that firms who have general insurance permissions (and premium finance providers), complete an online survey in relation to compliance with ICOBS 6B attestation. The deadline for submission is 31 March 2022, and attestation will need to be made by all firms who operate with the above permissions on a periodic basis. […]