Cost-of-living crisis to place additional regulatory focus on market
DAC Beachcroft has published its predictions for 2023, which touches on the impending implementation of the Consumer Duty and what the Financial Conduct Authority will expect of the insurance industry during the cost-of-living crisis.
In the report, the law firm stressed that the cost-of-living crisis will place additional regulatory expectation on the insurance market and that the Consumer Duty will challenge both insurers and distributors.
The FCA is set to build on the experience of the pandemic in making clear its expectations of firms who deal with customers exhibiting vulnerability.
According to DAC Beachcroft the authority will expect firms to proactively support such policyholders, rather than relying on their
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