Consumer Duty one year old – Mills stresses FCA support for smaller firms
The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules.
Targeted at ending rip-off fees and making it easier for people to switch and cancel products, the Consumer Duty came into force on 31 July 2023 for new and existing products and services that were open for sale or renewal. It marked a seismic shift in the FCA’s expectations.
Speaking on the one-year anniversary, Mills, executive director of consumers and competition, said: “We will continue to work with firms to get the duty right in response to practices we are seeing.
“This is particularly so
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Ardonagh Advisory buys Rowett Insurance Broking
Ardonagh Advisory has agreed to acquire commercial and personal insurance broker Rowett Insurance Broking.
Clear grows southern presence with A-One purchase
In a busy week of acquisitions, Clear Group has announced the acquisition of A-One Insurance Group.
Aviva and Allianz rumoured to be weighing up Esure bids
Both Aviva and Allianz are among potential bidders should Esure be put up for sale by its owners Bain Capital, according to a report by Bloomberg.
Bridge makes first steps outside the UK with Malta office
Bridge Insurance Brokers has opened an office in Malta, its first bricks and mortar presence outside of the UK.
Lloyd’s start-up buys regional broker following PE investment
Start-up Lloyd’s broker SRT & Partners has acquired regional corporate player Read Hunt following investment by BP Marsh.
Biba welcomes decision to not use term ‘ghost broking’ in new Fraud Charter
The British Insurance Brokers’ Association has welcomed the replacement of term ghost broking with ‘illegal insurance firms’ in the new Home Office Insurance Fraud Charter published last week.
Rise in IPT would put greater strain on brokers trying to reduce underinsurance
With the Autumn Budget set to be released tomorrow (30 October) by the UK government, the question over whether insurance premium tax will be increased lingers as industry practitioners weigh in.
Ripe continues senior recruitment drive with CUO appointment
Ripe has appointed David Rowntree as chief underwriting officer, the latest senior hire the digital managing general agent has made in recent months.