FCA claims review a “wake-up call”
Industry admits more work is needed on claims following regulator’s findings
The findings of a review by the Financial Conduct Authority (FCA) published last month into claims handling for SMEs should serve as a “wake-up call to the industry” a compliance expert has warned.
The regulator assessed 25 firms – five insurers, 10 intermediaries (including five managing general agents) and 10 loss adjusters – and found the claims service is not consistently working in the interests of many businesses, resulting in a poor claims experience. The watchdog focused on claims over
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