Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout in more detail.
When the regulator published its latest Thematic Review: Product Oversight and Governance – General Insurance and Pure Protection on 21 August, it stated that while the industry had improved, the FCA was “disappointed to see many insurance firms are not fully meeting their product governance obligations”.
Speaking to Insurance Age, compliance experts accepted that there is more work to do, but there was also a widespread feeling that the watchdog was underplaying the progress that had been made
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