No ‘particular targets’ for insurance regulation simplification, says FCA
Consumer Duty will be a building block for any future work on the simplification of insurance regulations that affect brokers, according to David Geale, executive director of consumers, payments and competition at the Financial Conduct Authority.
The FCA confirmed changes to simplify its rules for brokers and insurers last December; has consulted this year on lightening the regulatory burden and is consulting on changes to cut the reporting workload of general insurance firms.
However, the watchdog itself has previously labelled the current consultation a “minor” change. Previous waves of stripping back the rulebook have been given a lukewarm reception by market experts who have urged the authority to go further and faster.
The foundations
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