Experts warn of ‘huge threat’ and no ‘get out of jail’ card in FCA letters
Compliance specialists have urged brokers to take heed of the Financial Conduct Authority’s latest pair of letters on fair value in general insurance.
The watchdog wrote to insurance manufacturers on 29 July expressing its dismay at firms leaving fair value assessments to the last minute when they have to be completed by 30 September. A further letter to distributors on the same day has given brokers a three-month extended ‘forbearance’ due the knock-on effect.
One market specialist who declined to be named defined the FCA has having told manufacturers that they had “not done a fantastic job” and were running late which was “putting the
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