Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
In the letter dated 25 May director Matt Brewin reported: “We continue to believe that the most significant risk of harm in the portfolio is through customers buying unsuitable or poor value products, we frequently see examples of harm caused by mis-selling, where firms lack customer-centric cultures and where consumer outcomes have not been appropriately considered.”
Brewin noted that the watchdog was still also seeing “ineffective governance and control arrangements”.
He stressed that the
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 Insurer
End of Year Review 2025: Granite Underwriting’s Jay Rennie
Jay Rennie, head of specialist products at Granite Underwriting, calls out the withholding of claims histories in the fleet space and dusts off the bucket hat, cagoule and samba trainers to spend an evening with Liam Gallagher.
Commercial transformation boss Flynn to leave Intact UK
Intact UK’s commercial lines chief transformation director Rob Flynn is set to become the latest senior figure to leave the business in the wake of integration with NIG, Insurance Age has learned.
First Central confirms job cut plans
Insurer First Central has confirmed proposed plans to cut staff numbers by around 160, with most taking effect in late January 2026.
Bridgehaven completes on first deal as it eyes European expansion
Bridgehaven Europe has completed its acquisition of SureStone Insurance DAC, following receipt of all required regulatory approvals.
End of Year Review 2025: Ecclesiastical’s David Carey
David Carey, managing director of Ecclesiastical’s intermediary business applauds the £10m landmark reached by Insurance United Against Dementia, cautions against a one dimensional approach to risk pricing; and gets misty eyed about ‘Madchester’.
MGA Addept expands motor insurance portfolio
Addept Insurance Services has expanded its motor-related solutions, launching a legal recovery insurance for motorists, ‘Drive’.
South African insurance giant gets Lloyd’s green light to trade from 1/1
Santam, Africa’s largest short-term insurer, has been granted Lloyd’s final permission to underwrite for business incepting from 1 January 2026.
Donaldson steps down at Prima as Axa sale completes
Ex-BGL CEO Matthew Donaldson is exiting his roles of chairman of Milan-based Prima Group and non-executive director of Prima UK, following Axa taking a 51% stake in the motor insurance specialist.