Giving customers fair value

Introduction

The latest FCA review of General Insurance was specifically designed to ensure customers receive fair value from their insurance providers. The review looked at how firms designed, sold and reviewed their products to ensure they met the needs of their customers.

The review found weaknesses including:

-Insufficient focus on customers, outcomes and product value
-Shortcomings in governance and oversight of products.

As an example, it was not always clear firms have adequate processes in place to assess whether intermediary remuneration (such as how much a park or a broker is paid) bears reasonable relationship to the costs or workload in distributing the product.

Enhanced product governance rules were introduced following this review which found home and motor insurance markets were not working well for consumers, particularly loyal customers.

In this update, we’ll explore the enhanced rules and what they mean for you and your owners.

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Further details

If you want to talk to us about this, or any other matter then please get in touch with your Regional Account Manager. Alternatively you can contact us on 0344 274 3908 or [email protected]