FCA lays out Consumer Duty implementation expectations for protection

Ahead of 31 July

John Brazier
clock • 3 min read

The Financial Conduct Authority (FCA) has written to protection market participants setting out its expectations on how firms should implement the new guidelines and its supervisory strategy.

The regulator's latest communication to the protection industry, issued alongside similar letters to other financial services markets, marks an effort to "help them implement and embed the Duty effectively." Within its letter addressed to firms engaged in life insurance including pure protection products, the FCA stated it expects the Duty to be a "top priority for you personally" and that the guidelines will enable the sector to be "fit for a digital future" in which customer's diverse and changing needs can be met. The Duty is described by the regulator in its communication as being...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

IPT receipts hit £1.2bn in November

IPT receipts hit £1.2bn in November

£6.65bn for the year

Cameron Roberts
clock 20 December 2024 • 2 min read
Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock 17 December 2024 • 2 min read
FCA releases best practices for Consumer Duty board reports

FCA releases best practices for Consumer Duty board reports

Focus on data quality

Cameron Roberts
clock 12 December 2024 • 2 min read