Brokers given three months ‘forbearance’ as FCA hits out at insurer fair value delay failures
The Financial Conduct Authority has criticised insurers’ timings on product governance and fair value assessments ahead of the 30 September deadline for them to be in place as it gave brokers a three-month extension under specific circumstances.
The delay in insurers’ assessments will have a knock-on effect on brokers complying, FCA insurance director Matt Brewis detailed in a letter to distributors dated 29 July.
The FCA’s new rules on product governance, which apply to most insurance contracts including commercial insurance, came into force on 1 October 2021.
As part of the process manufacturers had to undertake fair value assessments by 30 September this year and liaise with brokers for them to make any necessary changes to their
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