FCA letter sets out scale of watchdog’s fair value assessment frustrations
The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.
The findings came in a feedback letter to all general insurance firms about product governance and fair value issued by the regulator’s insurance director Matt Brewis on 29 July.
It was sent out alongside another letter to brokers which gave the distribution sector a three-month ‘forbearance’ period, in certain specific circumstances, after the delays among insurers in completing their fair value assessments.
The FCA issued its final rules on general insurance pricing practices in May 2021
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