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.
Suitability reports – silver bullet, or not?
Paul Jay Compliance, Suitability DB Pension, FCA, MiFID, Pension, Pension Transfer, PI, transfer, Xplan
If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]