FCA Sector Views 2018 – General Insurance

The FCA has published their 2018 Sector Views. Here are a few of the FCA’s focus areas relating to General Insurance.

Operational resilience
Cyber attacks are becoming more frequent and widespread. The issue is potentially made worse by the use of complex and legacy IT systems and greater level of data sharing between firms.

Firms need to ensure they are ready to meet the standards of GDPR.

Financial crime and fraud continues to increase.

Appointed Representatives
A thematic review in 2016 found that over half of the principal firms involved could not consistently demonstrate effective risk management and control over the activities of their Appointed Representatives. The FCA remains concerned about governance issues around Appointed Representatives.

Product Suitability
Many consumers focus on the headline price and may not realise that the product they buy is not suitable until they try to make a claim.

Renewal Pricing
Still on the subject of pricing, switching rates remain low. It is too early to assess whether the new disclosure requirements will be effective in encouraging consumers to shop around at renewal time.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

For information.

Action Required By You

For information.

SUIT - Beautiful Reports
SUIT - Complete Control
SUIT - Comp confidence
previous arrow
next arrow

About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in