Trade bodies battle to trim FCA fair value paperwork ‘crippling’ small firms
Trade bodies are working with the Financial Conduct Authority to narrow down the focus of its fair value assessments which comes with a huge regulatory burden.
The organisations are seeking to cut the number of products that fall under the FCA’s assessment remit with only products shown to be ‘poor value’ coming under the watchdog’s microscope.
The desire to whittle down came out at an online meeting between the FCA and insurance trade bodies including the British Insurance Brokers’ Association and The Managing General Agents’ Association on Tuesday.
MGAA CEO Mike Keating said: “The question was posed: why is the market being asked to deliver these
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