FCA confirms insurance rules simplification
The Financial Conduct Authority has confirmed changes to simplify its rules for brokers and insurers including ongoing training and product reviews and revealed further plans for next year.
According to the regulator, the first wave of changes will lower costs while keeping “appropriate levels of protection for smaller commercial customers” in place.
In May the FCA laid out its plans to strip back the insurance rule book including not requiring firms to review the value of their product at least every 12 months; and removing the specified minimum hours of training and development required for insurance and funeral plan employees.
The consultation on the proposals closed in July.
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