Context
The FCA has published slides from recent forums following publication of its general insurance pricing practices Market Study MS18/1.3 and Consultation Paper CP20/19 in relation to the proposed handbook changes arising out of the market study.
The aim of the sessions was to address questions about the policy intent behind the draft rules and how the FCA envisages these would operate in practice.
Key points to note
- The first forum took place on 11th November and related to the FCA’s pricing remedy proposal https://www.fca.org.uk/publication/corporate/gi-pricing-practices-forum-1.pdf
- The second forum took place on 16th November and related to the product governance proposals https://www.fca.org.uk/publication/corporate/gi-product-governance-proposals.pdf
- The third forum took place on 23rd November and related to the reporting and auto-renewal remedy proposals https://www.fca.org.uk/publication/corporate/gi-auto-renewal-reporting-proposals.pdf
- The sessions all comprised an explanation of the key points of the proposed rules, together with some question and answer sessions
- The FCA was unable to confirm whether the rules will be implemented as they currently stand or how the final rules will work in practice
Next actions
Firms have the opportunity to respond to the Consultation Paper by 25th January 2021.