The FCA conducted a multi-firm review to assess whether manufacturers of general insurance and pure protection products are undertaking the necessary work to comply with PROD 4 of the FCA Handbook.
The FCA will email a letter to all firms with general insurance permissions, and those that manufacture or distribute pure protection products by the end of July 2022. This letter will explain the findings along with the actions they expect firms to take.
We have seen some quite lengthy questionnaires from manufacturers that may well take a considerable amount of time to complete.
If your firm manufactures or distributes general insurance and/or pure protection products, and you have not received the letter by the end of July, please contact the FCA at firm.queries@fca.org.uk.
Papers galore!
Huw Reynolds Compliance 2021, Certification, Conduct, COVID-19, FCA, Gabriel, Pension, platform, protection, Senior Manager, SM&CR, Switch, transfer
It has been a busy month for papers and publications at the FCA. These include: New Consumer Duty CP The FCA is consulting on plans to introduce a new Consumer Duty, which aims to set a higher level of consumer protection in retail financial markets. The Duty will have 3 key elements: A new Principle – the […]