Following concerns raised about firms’ disclosure of charges and services post RDR, the FCA has published an assessment template to assist firms to review their documentation.
The FCA plan to use this template to assess firms’ disclosure when carrying out the next cycle of their review, which starts in mid-July.
They expect to see significant improvements in this area and if they continue to identify firms that are failing to meet the disclosure requirements, they will consider what further regulatory actions are appropriate.
The use of this template is not compulsory, but all firms are encouraged to use it to assess standards and to make any necessary changes to their client facing documentation. A copy of the assessment template should be retained.
The Disclosure Assessment template, together with accompanying notes and explanatory video, can be accessed here.
Further useful supporting documentation can be found below:
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