FCA head warns firms about “abdicating responsibility” by outsourcing claims
Lisa Sturley, head of department of market interventions, insurance at the Financial Conduct Authority, has warned insurance firms about outsourcing claims to third parties.
During the FCA update keynote at the Managing General Agents Association 2024 conference yesterday, Sturley highlighted that there were many instances where this activity was outsourced to MGAs and also to third parties that were often unregulated.
“When done well, we see claims management working, with the vast majority of policyholders having a really good experience.
“[But there are] trends in claims that give cause for concern. Data we have received from the Financial Ombudsman Service tells
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