Consumer Duty will continue to challenge the market claims DACB

Helen Faulkner

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

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

Energy MGA Volt powers up

Volt Underwriting, a London-based MGA formed to support clients active in the energy transition sector, has launched with initial capacity of $25m (£19.14m) for international and US onshore power and renewable energy risks.

Ardonagh completes PSC buy

Ardonagh has closed the deal for PSC Insurance Group in a move which includes bolstering its advisory business with a Top 100 UK broker.

Most read articles loading...

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: