| Link(s): | Member’s Login – BIBA |
Context
BIBA has published a useful ‘member-only’ Guide to the scope of the Consumer Duty.
Key points to note
- With the support of BIBA’s Consumer Duty Working Group and the members of its Regulatory Committee, members now have access to a Guide that sets out the scope of the Consumer Duty from an insurance context.
- The guide tackles the common misconception that ‘Consumer’ in the ‘Consumer Duty’ name means that it applies only to individuals and that the new Principle seeking good outcomes for ‘retail customers’ does not capture the wholesale insurance market, this simple guide answers the who, the what and the where of the duty’s scope.
Next actions
None – for information and awareness.