Consumer Duty will continue to challenge the market claims DACB
DAC Beachcroft has released its predictions for 2024, including that Consumer Duty will challenge the market and about the impact of AI on insurance products.
Following the introduction of the Consumer Duty on 31 July 2023, the law firm predicted it would be an expanding feature of regulatory enforcement action against firms.
It will no longer be enough to show relevant rules were complied with, but rather firms will have to demonstrate the extra measures they detected as required to meet the four obligations that make up the Duty. Firms will also have to show the steps they took to make sure those measures were carried out.
The report also predicted
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