FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
The deadline will affect all new and existing products and services currently on sale. For closed book products that are no longer on offer the Consumer Duty will come into force a further year later on 31 July 2024.
When the FCA consulted on the Consumer Duty last December it originally proposed a timeline of 30 April 2023 for all products and services.
Earlier this month minutes from a recent FCA board meeting showed it was considering switching to a phased approach and extending the
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.
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Q&A: Jonathan Davey
In his first interview since announcing his retirement on LinkedIn last week, former Primary, Keychoice, SSP and HugHub leader Jonathan Davey reflects on his time in the industry, and shares what is coming next, including his 28th trip to the Biba conference.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Biba Conference 2024 countdown: Abacus’ Richard Burgess
With the Biba Conference on the horizon, Richard Burgess, CEO of Abacus, explains he has never had time to see a guest speaker and why he prefers Audible to Oasis.
LV claims director Milliner tipped for DLG role after exit
LV GI claims director Martin Milliner is to leave the insurer he joined in 2006, Insurance Age can reveal.
Howden grows presence in Wales with Cardiff office
Howden has opened an office in Cardiff as it seeks to be a prominent force in the commercial broking sector in South and West Wales.
Market Movement Index: should I stay or should I go?
New research from analyst Broker Insights shows there is plenty of commercial policy movement – particularly in lower premium classes – which indicates strong competition and adequate capacity. But do brokers agree? Rachel Gordon reports.
Motor premiums increase by just 1% in Q1 – ABI
Motor premiums rose by just 1% in the first quarter of 2024, however the average claim paid increased by 8% according to the Association of British Insurers.
Interview: Simon McGinn on Dual’s regional ground-up build for brokers
In his first interview since taking up the role, Dual UK CEO Simon McGinn tells Insurance Age about his plans for the managing general agent, including expanding the reach with regional brokers and boosting the digital offering.
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace