Experts underwhelmed by FCA insurance rules simplification
Market specialists have given a lukewarm welcome to the Financial Conduct Authority’s changes to the insurance rule book, flagging missed opportunities, disappointments and branding the outcome as unlikely to get pulses racing.
Yesterday (9 November) the FCA confirmed changes to simplify its rules for brokers and insurers and revealed further plans for next year.
Among the shifts (see box, right), as well as allowing firms to determine the frequency of product reviews it has removed the minimum required 15 hours of Continuous Professional Development for employees (see box, below).
Rule changesThe changes in the final rules, for firms in the insurance and funeral plans sectors, span measures to simplify regulations
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 or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Ex-Simply Business boss joins Admiral-backed SME challenger insurance provider
Tide has appointed former Simply Business boss and ex-network leader Dan McNally as senior vice president and CEO of Tide Insurance Services.
MGA Addept launches SME commercial legal protection solution
Addept Insurance Services has added a commercial legal protection insurance solution to its expanding portfolio of legal expense products.
‘Time:To’ named Biba conference 2026 theme
The British Insurance Brokers’ Association has unveiled ‘Time:To’ as the theme for its 2026 conference to be held on 13 to 14 May next year.
Blog: Brokers must rethink their role as supply chain risk reaches new inflection point
The role of a broker is not simply to place insurance, but to help clients navigate uncertainty with confidence, including anticipating problems before they materialise, argues Nick Smallcorn, managing director of corporate and specialty risks at Clear Group.
JMG appoints two leaders in widened structure after recent PE investment
JMG Group has created two new leadership roles, naming Jake Fox CEO of underwriting and speciality, and Neil Forrest CEO of retail.
Aviva urges brokers to educate SMEs on cyber risks
Research from Aviva has found 36% of SMEs rank cyber as their most significant risk, with the insurer urging brokers to step in as firms underestimate cyber and other disruptive risks.
Intact enhances commercial products in first move under new brand
Intact Insurance has unveiled three enhanced commercial lines products, the first to be launched under its brand in the UK.
Partners& hires managing partner to wellbeing division
Partners& has hired Tom Klinkenberg from Lockton as managing partner of wellbeing, health and protection.