Consumer Duty rules will take full effect from 31 July 2023. However, it is starting to show its face already.
This message is now appearing on Connect in some circumstances.
“The majority of firm types that need to apply for authorisation or existing firms seeking to vary their permissions will need to comply with the new Consumer Duty, as detailed in PS22/9. The application form you are required to complete may have no specific questions relating to the new Consumer Duty rules. However, you should be prepared to supply such evidence as necessary in the application process. The case officer allocated to your firm’s application will advise what information is required to be provided.”
PS21_5 General Insurance Pricing Practices Market Study – implementation timing update
Michael Senior Compliance 2021, FCA, Update
The FCA has issued an addendum that delays the implementation of the rules relating to premium finance disclosure from 01 October 2021 until 01 January 2022. The updated article can be found here https:/ps21_5-general-insurance-pricing-practices-market-study