FCA letter sets out scale of watchdog’s fair value assessment frustrations

FCA

The Financial Conduct Authority has revealed one-in-three insurance manufacturers are leaving fair value assessments to the last minute causing a risk of harm to consumers.

The findings came in a feedback letter to all general insurance firms about product governance and fair value issued by the regulator’s insurance director Matt Brewis on 29 July.

It was sent out alongside another letter to brokers which gave the distribution sector a three-month ‘forbearance’ period, in certain specific circumstances, after the delays among insurers in completing their fair value assessments.

The FCA issued its final rules on general insurance pricing practices in May 2021

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 copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

GIC completes Miller deal

Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: