Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Link(s):

FCA publishes review of business interruption insurance claims handling | FCA Claims handling lessons learned from business interruption insurance | FCA Business interruption insurance test case – Insurer claims data | FCA

Context

The FCA has published the key findings from its review of the handling of Business Interruption claims, in order to help the market develop in line with its expectations. It reminds firms that they must handle claims promptly and fairly, treat their customers fairly and act in their best interests in accordance with the ICOBS 8.1.1R, and PRIN 2.1.1R rules.

Key points to note

• The findings are relevant to all firms in their approach to handling all claims, irrespective of product line.
• Examples of good practice and areas for improvement are listed in relation to claims handling and claims journeys.
• The FCA makes reference to the new Consumer Duty (effective 31 July 2023), noting that firms “should make sure their customers are adequately supported throughout the lifecycle of a product” and also “make sure their systems and controls processes avoid causing foreseeable harm”.

Next actions

None – for information and awareness.