Experts welcome FCA insurance rules simplification but urge further to go
Insurance specialists have endorsed the Financial Conduct Authority’s pincer movement to strip back the insurance rule book and get rid of ‘box-ticking’ exercises, but urged the regulator to go further.
The watchdog released a pair of consultations today, proposing changes to end overlapping and outdated requirements and to make it easier for wholesale financial businesses involved in retail markets to comply with the Consumer Duty.
What’s in the consultations?Simplifying the insurance rules (consultation runs until 4 September)
Narrowing the scope of rules for non‑UK business: Amending the territorial application scope of the FCA’s Insurance Conduct of Business Sourcebook and its Product
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