Analysis: Brokers, insurers and the FCA’s product governance - confusion reigns
The FCA's new rules on product governance come into force on 1 October. But as Rachel Gordon discovers even with a three month extension or ‘forbearance,’ brokers are still in the dark about what is expected from them.
Many brokers are utterly flummoxed by the Financial Conduct Authority’s new rules on product governance and ‘fair value’.
Complaints include that the project is largely pointless, that it has become overwhelming in scale and one even declared it was “crackers”.
Insurers are currently collating swathes of data on personal and commercial insurance products for the regulator and requiring input from brokers, who are also required to complete their own assessment of what value they provide - this
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