FCA warns brokers have "failed to understand" impact of product governance rules
In a Dear CEO letter to the industry, the regulator highlights that the rules, which came into force on 1 October, apply to all personal and commercial lines brokers.
The Financial Conduct Authority (FCA) has flagged concerns that some brokers have failed to understand the impact of the product governance rules on their businesses.
In a Dear CEO letter sent to brokers on 18 October, Nicola Denton, manager, Retail Insurance Department at the regulator, called on brokers to take action and make sure they are ready to comply with the new rules.
She highlighted that the FCA had conducted a market survey to assess whether firms were ready to comply with the
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