FCA warns on areas of harm in wholesale market
The Financial Conduct Authority has zoned in on wholesalers, MGAs, the London Market and consolidators and warned that firms have “not fully embraced its key messages” around product oversight or firm culture and purpose.
In a letter sent to Lloyd’s and London Market Intermediaries and MGAs the watchdog detailed that key areas of harm are:
Product sustainability and price transparency Uncertainty and insurance cover/ambiguous contract terms Culture ResilienceThe letter, written by FCA director Matt Brewis, noted that firms had made some “good progress” but also pointed out that, in some cases, the regulator’s messages around product oversight, culture and purpose had not been fully embraced. He also
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