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.
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