The FCA employs a principle based approach to regulation. Principle 7 states that “A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.”
This is a fundamental cornerstone required of all client communication.
While some degree of technical information is inevitable, your suitability reports should nevertheless be easily understood. One effective way to test the clarity of your suitability reports is to ask a friend or family member, who has no financial services experience, and who is more likely to provide frank observations, to read and to provide critical feedback.
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