UK Insurance: FCA (12 December 2016)

OAC Digest
FCA, Governance, risk & compliance, Life insurance

12 December 2016

Selected recent news from the UK's conduct regulator: 

On 9 December, the FCA published finalised guidance on actions life insurance firms should be taking in order to treat their closed-book customers fairly. The guidance states "firms should not rely just on T&Cs to defend outcomes that are unfair under our Principles for Businesses" and "that firms should consider [additional actions] to improve outcomes and/or satisfy legally enforceable customer expectations from communications made at the time the customer signed up to the policy". Firms should review and make any changes necessary within three months.  

David Gray

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David Gray
Consultant Actuary

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