Link(s): PS21/11: General insurance pricing practices – amendments
Context
We are aware that general insurance firms and premium finance providers have started to receive e-mails from the FCA in relation to the first General Insurance Pricing Practices Senior Manager Attestation. The e-mail is marked for the attention of the Senior Manager attesting compliance with the Pricing Rules under ICOBS 6B or notifying that the Pricing Rules do not apply.
Key points to note
- As previously confirmed, the e-mail contains a link to the Attestation which firms must complete via the Qualtrics survey tool by 31st March 2022.
- If your firm does not carry out any pricing activities as described in ICOBS 6B.1.1R, then you are requested to provide a nil response.
- If your firm sets the price for any of the items noted in the e-mail, then it is required to attest whether it has complied with the ICOBS 6B pricing rules.
- The FCA is using Qualtrics for this first attestation only. All subsequent attestations will be conducted using Reg Data.
- If helpful, you can view a PDF version of the attestation here prior to completing it, but Please note that the FCA cannot accept a PDF/printed response.
Next actions
You should review and understand the draft wordings of the Attestation and, if you are unsure about the implications of completing the attestation, contact us for guidance. The FCA has also said that, if you have any questions, you can make contact at GIPricingPractices@fca.org.uk.