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Group 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....
Read moreLargest firms benefit as insurance advice revenue up but PII soars 59%
The largest insurance intermediary firms benefitted most in 2021 as revenues in the market grew – but professional indemnity insurance (PII) costs soared by £141m. Revenue from insurance distribution rose 3.9% to...
Read morePrivate healthcare activity hits pre-pandemic levels as self-pay demand soars
Private healthcare market activity has returned to pre-pandemic levels amid a surge in demand for self pay treatment. Data from the Private Health Information Network (PHIN) showed there were 198,000 private patient...
Read moreQuartet claim inaugural Santé Group charity golf day win
Santé Group launched its fundraising partnership with Heart Research UK with its first annual charity golf day. The intermediary firm is aiming to raise £10,000 for the charity over the next 12...
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