FCA GI Consumer Duty and update

In this comprehensive and interactive webinar, Branko Bjelobaba FCII gives an update on the FCA’s general insurance consumer duty – what it means and how you can be prepared for the next changes.

The FCA has made it clear that some firms may be further behind in their thinking and planning for the Duty. This brings a risk that they may not be ready in time, or they may struggle to embed the Duty effectively throughout their business. A recent review highlighted three key areas where firms should particularly focus their attention during the second half of the implementation period (to 31 July 2023):

1. Effective prioritisation
2. Embedding the substantive requirements
3. Working with other firms (many firms need to work and share information with other firms in the distribution chain, but some plans gave little focus to this area).

This general insurance focused session also includes an update on Product Value Assessments (note the FCA criticised insurers for their lack of progress with this). Both brokers and insurers have an important role to play, and this session will ensure you understand what you have to do and what changes need to happen in year two of the process to ensure it all gets done. It will also include a review of the questions being asked by the FCA in their CD survey which was issued on 20^th March 2023 and everyone attending will receive a copy of the slides and this survey.

This webinar also covers the current position on multi-occupancy insurance following intervention by the government.

Learning objectives:

• What is the new Consumer Duty and what will you have to do?
• A reminder as to current issues when it comes to general insurance
• Key aspects of the product governance rule to include product value assessments
• Present position on multi-occupancy insurance and the ramifications of this for insurers and brokers alike

This session will not be recorded, so a playback will not be available for members who do not attend the live event.

Please contact Patricia Pedraza (020 7397 3911) with any queries regarding this event.

You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (07463 028327)

To view our image and video capture consent statement, please click here.