| Link(s): | Handbook Notice 112 (fca.org.uk) |
Context
This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 28th September 2023.
Key points to note
The only significant change for the insurance sector is the publication of the proposed amendments to the Handbook following the publication of Policy Statement PS23/14 – multi-occupancy buildings insurance.
- In summary, this Policy Statement makes changes to the FCA Handbook to require firms to disclose product information, remuneration and the number of alternative quotes obtained. The instrument also includes leaseholders within the definition of ‘customer’ used in the rules on product governance, customers’ best interests and remuneration. The changes aim to increase transparency and provide greater protections to leaseholders.
- These new provisions come into force on 31st December 2023.
Next actions
None – for information and awareness.