Insurance trade associations create fair value template
In an attempt to help firms better prepare for the FCA's new product governance rules, trade associations representing the general insurance market have produced a fair value assessment template.
The British Insurance Brokers’ Association (Biba) has revealed that insurance trade associations have been working collaboratively to develop an assessment template offering guidance on the Financial Conduct Authority’s (FCA) fair value rules.
According to Biba, the template assessment form may be used by all market participants to meet the requirements under the regulator’s new product governance rules.
As reported earlier this year, the rules require product manufacturers and distributors to
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