FCA slams firms for “weakness” over fair value rules
The watchdog highlighted broker remuneration as an issue and said that many firms might not be ready to implement incoming product governance rules.
The Financial Conduct Authority has sent a warning shot across the bow to insurance firms after a study highlighted shortcomings and found weakness in how firms design, sell and review products to ensure fair value for customers.
Insurance firms also may not be ready to implement new product governance rules there to ensure insurance provides fair value, according the review published today (25 August) by the Financial Conduct Authority (FCA).
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