GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.
The Consumer Duty comes into force on 31 July 2023 and is made up of an overarching principle and new rules firms will have to follow (see box below).
Speaking on a webinar yesterday, Hurl told the audience that rules introduced for insurance over the past five years, such as the Insurance Distribution Directive, value measures, on GI pricing and product governance, were well aligned to the duty.
“For many insurers and brokers if these existing rules are being met then you are a long way with
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