The Financial Conduct Authority (FCA) is scrutinising Consumer Duty implementation plans from across insurance and financial services to understand the direction firms are taking with its flagship rules.
The regulator also revealed it is happy with the level of engagement from firms on the Consumer Duty and is not aware of any firms that failed to complete implementation plans by the end of October.
Speaking at a webinar organised by the Association of British Insurers, FCA director of insurance Matt Brewis said: “What we will be doing over the coming weeks is talking about what is good in those plans, where we’re seeing areas where we think more needs to be done.”
In setting out its implementation timetable for the Consumer Duty in September, the regulator revealed firms’ had until the end of October to have agreed implementation plans with their boards and be able to evidence they have scrutinised and challenged “the plans to ensure they are deliverable and robust to meet the new standards”.
According to Brewis, the regulator is happy with the level of engagement it has had with the insurance sector about the Consumer Duty, adding its webinar attracted two and a half thousand attendees.
“There is a huge level of engagement from across the insurance sector,” Brewis continued.
“I am not aware of firms that did not do [the plans]. There was not a requirement to submit plans to us. It was that they did it.
“We have asked a cross-section of firms – not just large firms but small and medium sized firms to give us their plans as well so we will be looking at where we’re seeing real progress and we’ll be talking about that,” he added