The Financial Conduct Authority (FCA) has urged manufacturing insurers to monitor their distribution channels and ensure fair value in line with PROD 4 and Consumer Duty, according to Lisa Sturley, head of market interventions, insurance supervision at the FCA.
During a recent keynote speech at the COVER Protection and Health Summit, Sturley noted the FCA hosted a roundtable earlier this year with a group of manufacturers to understand how effectively they provide oversight of their distributors, and the regulator was pleased with what it heard. However, she said the FCA too often sees examples of where customers are sold unsuitable policies, and where policies are re-brokered unnecessarily. Sturley said: "You play an important role in overseeing the distribution of your products. How well do you know your distributors? Are they aligned to ...
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