Context
In PS21/5 the FCA confirmed Senior Managers must attest annually that their firm has complied with General Insurance (GI) Pricing Practices rules found in ICOBS 6B. The nature of the attestation was further clarified in the subsequent pricing practices Policy Statement PS21/11.
The Qualtrics survey, together with covering letter, was sent out in January to premium finance providers and firms with GI permissions to facilitate the first annual attestation.
Key points to note
- The attestation is to be completed by firms who provide or sell the core products- motor and home insurance and who have a price setting role, attesting for the portion of the price set by the firm (excluding fees).
- As the survey has been sent to all firms (premium finance providers and those with GI permissions) some firms who receive the survey will not be subject to the rules. If your firm is in this group, you need to submit a nil return as confirmation that your firm does not undertake any pricing activity in relation to all products in scope. You can do this by selecting Option 10- none of the above and complete details of the appropriate Senior Manager.
Next actions
All firms that received the survey must respond in full, or provide a nil return, by 31st March 2022.