FCA urges bosses to make Consumer Duty top personal priority in Dear CEO letter
Financial Conduct Authority leader Matt Brewis has written to general insurance businesses reminding them to embed the interests of customers into their firms’ culture and purpose.
The director of insurance supervision, policy and competition – consumers and competition, set out in a ‘Dear CEO’ letter issued on 3 February: “We expect the Consumer Duty to be a top priority for you personally.”
The duty comes into force on 31 July for new and existing products or services that are open to sale or renewal.
It applies to offerings to retail customers, and to all firms who determine or have a material influence over customer outcomes – not just those with a direct customer
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