FCA focus on fair value causes confusion for brokers

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Research by Ecclesiastical shows 40% of brokers do not understand how their business will be impacted ahead of the new product governance rules coming into force on 1 October.

Two in five brokers are in the dark about how the Financial Conduct Authority’s (FCA) crackdown on fair value will affect their business, Insurance Age can reveal.

Research by Ecclesiastical Insurance showed that 40% of brokers disagreed when they were asked if they understand how the FCA’s focus on fair value will impact their business, with over a third disagreeing strongly.

The FCA’s new rules on product governance, which apply to most insurance contracts including commercial insurance

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