Minister concerned Consumer Duty could unleash claims farmers – report
City of London minister Andrew Griffith is concerned Consumer Duty could unleash spurious lawsuits from claims management companies, according to a report in the Financial Times.
Griffiths is reportedly sympathetic to financial bosses concerns that Consumer Duty is a burdensome workload and risks triggering lawsuits from customers.
The minister wants to avoid a ‘compensation culture’ with vexatious claims, according to the report.
He also worried that the regulatory burden conflicts with the Treasury’s aim of trying to relax City rules to seize upon the ‘Brexit opportunity’.
Now he is keen that the Financial Conduct Authority makes Consumer Duty ‘fair and
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Ageas moves onto First2Protect home panel
Ageas UK has joined the First2Protect panel, expanding access to its home insurance propositions.
Ceta teams with Addept for wholesale rent guarantee products
Digital niche personal lines broker Ceta has launched four rent guarantee products on a wholesale basis underwritten by managing general agent Addept.
Wiser Academy launches AI apprenticeship
Wiser Academy has launched an artificial intelligence Academy programme in what it claimed is an industry first.
Clear adds to portfolio in Scotland with Spence Insurance
Clear Group has added Spence Insurance, based in Scotland’s Central Belt, to its roster after moving into the country last December.
Jensten restructures with CEOs of broking and product & distribution
Jensten Group has added ex-Gallagher leader Gareth Birch as CEO of broking as it restructures into two trading divisions.
TBIG confirms its largest ever buy with £38m GWP broker
The Broker Investment Group has bought a 75% stake in £38m gross written premium personal lines specialist U Drive in its biggest ever deal.
Biba 2026 Countdown: Premium Credit’s Jon Howells
Jon Howells, chief commercial officer for insurance premium finance at Premium Credit, compares the Tuesday evening before conference starts as arriving back at school for a new term and won’t reveal his favourite Biba haunt for fear of more lanyards turning up.
Regional Review: Channel Islands – small but strong
For a small jurisdiction, the Channel Islands have a strong broker market, according to regional experts, as large names have made acquisitions with capacity, appetite and recruitment key issues.