FCA to consult on removing minimum training and development hours in insurance
The Financial Conduct Authority will open a consultation this summer including on the definition of SME used in the insurance market as part of its ongoing review of Consumer Duty rules.
The watchdog launched a discussion paper last July on the regulation of commercial and bespoke insurance business. It invited comments on whether its rules strike an appropriate balance between safeguarding customers who need regulatory protections, and competitiveness in the market.
The British Insurance Brokers’ Association called for larger commercial customers to be removed from the scope of the Consumer Duty in its response.
Call for inputAlongside the discussion paper the FCA also launched a
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