Regulator issues delegated authority warning
Industry reacts to watchdog’s call for improvements to ensure customers are treated fairly
Intermediaries and insurers are failing to adequately consider their regulatory obligations, according to the findings of a thematic review into delegated authority arrangements published last month by the Financial Conduct Authority (FCA).
Delegated authority, including outsourcing of underwriting and claims handling, is widely used across the UK insurance market and the regulator highlighted that improvements are needed to levels of due diligence and the way firms manage their outsourced
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