General Insurance Pricing Practices: rule change mapping

We have recently issued a couple of newsletter articles relating to the changes being implemented by policy statement 21/05 “General Insurance Pricing Practices Market Study” that can be accessed from here.

To assist our clients, ATEB has mapped the relevant rules for distributors to help them be ready when the changes are to be implemented.

Please note that if you are a manufacturer or price setter the rules are lengthier and you will need to prepare so give yourself enough time to familiarise yourself with the document.

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

These are key changes, if not too many, for General Insurance intermediaries that are on the horizon. If you sell General Insurance to consumers you will need change your procedures following the recent policy statement.

Action Required By You

If you are a financial services firm that sells general insurance discuss with your consultant and get a copy of the rules map.
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About the Author

Mike is a Chartered Financial Planner and a Fellow. He has been an ATEB consultant for over 10 years but has worked in financial services for a great deal longer. He has a wide breadth of experience covering banking and lending, home finance, pensions, investments, consumer credit and general insurance.

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