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Müdd: Pressure on insurers and advisers to show ‘fair value’ of loaded premiums
The Financial Conduct Authority's (FCA) failure to explicitly ban loaded premiums under its Consumer Duty means the pressure is on insurers and distributors to justify continuing the controversial practice, according to St...
Read moreScottish Widows protection sales up 50%
Scottish Widows has seen new protection business rise 50% year-on-year and an increase in market share, according to its half-year 2022 results. The results reveal the insurer saw new protection business grow...
Read moreAdvisers must tell FCA if they see other firms not meeting Consumer Duty
Advisers are required to tell the the Financial Conduct Authority (FCA) if they witness other firms in the distribution chain who are not meeting its incoming Consumer Duty, the regulator has announced....
Read moreGroup risk, health insurance and employee benefits not covered by Consumer Duty
The provision and servicing of group risk, group health insurance and other workplace benefit schemes is not covered by Consumer Duty rules, the Financial Conduct Authority (FCA) has confirmed. However small and...
Read moreFCA toughens senior manager oversight of Consumer Duty and plans implementation review
The Financial Conduct Authority (FCA) is already planning for a post-implementation review of its Consumer Duty and has strengthened oversight demands on senior people within firms. The regulator said the review would...
Read moreIndustry argued nine-month Consumer Duty timetable was ‘overly short’ and did not match equivalent policies
The Financial Conduct Authority's (FCA) decision to extend the implementation period of its Consumer Duty followed concerns raised by industry respondents who claimed the original timetable was "highly challenging" and "overly short"....
Read moreFCA’s ten expectations of firms under the Consumer Duty
As part of it’s incoming Consumer Duty the Financial Conduct Authority (FCA) has set out ten expectations of how firms should act to ensure they are complying with the new rules. These...
Read moreConsumer Duty no more challenging for advisers than any other rules – Mills
The Consumer Duty is no more challenging to advisers than any other part of the financial services sector, according to Sheldon Mills, executive director for consumers and competition at the FCA. At...
Read moreFCA gives firms three-month extension to implement Consumer Duty
The Financial Conduct Authority (FCA) has given firms a three month extension to execute its Consumer Duty for all new and existing products and services currently on sale and an additional 15...
Read moreConsumer Duty does not ban loaded premiums but FCA may review issue
The Financial Conduct Authority (FCA) has confirmed its Consumer Duty does not explicitly prohibit the controversial practice of loaded premiums where premium rates are inflated to pay distributors and advisers higher commission....
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