IUA Circular 002/23
FCA – Consumer Duty. Who is Impacted and What is Required?
with guest speakers
Najia Mukhtar and Nicole Austin, Senior Directors in Risk, Regulatory and Compliance, Global Insurance Services at FTI Consulting
Noleen John, Corporate and Regulatory Insurance Lawyer, Norton Rose Fulbright
Event Date: Tuesday 14 February 2023
Time: 12 noon for approx 1 hour (UK/London time) followed by sandwich buffet luncheon at the Acord Suite
Venue: ACORD Conference Suite, 8th floor, 1 Minster Court, Mincing Lane, London EC3R 7AA.
Subject: This market briefing will discuss the complexities and broader requirements of the Consumer Duty and how it could apply to IUA members.
This is a free event, but names and email addresses of all attendees are required for registration.
The FCA’s Consumer Duty is the second recent key piece of legislation seeking to ensure good outcomes for insurance customers. It follows the FCA’s General Insurance pricing practices, GIPP, (implemented from 1.1.2022) and Treating Customers Fairly Rules (and the FCA’s six key outcomes), which have existed since 2006.
At first glance, it may seem that this bears limited relevance to members of the IUA. All requirements regarding pricing and fair value would seem to be covered buy the GIPP, which insurers should already have considered. However, look a little closer at the complexities and broader requirements of the Consumer Duty and it should become apparent that it may well apply to some members.
The FCA has clarified that non-UK risks and reinsurance are not covered under the Consumer Duty, although the GIPP does still apply. However, there remains significant ambiguity about what should be done with respect to better customer communication and measurement of understanding of SMEs.
If the Duty is deemed to apply to some parts of your business, what are the requirements exactly? Are they different for lead insurers versus follow? And how easy will the risks of different requirements being applied to differently types of business be to manage?
At this market briefing, our guest speakers will attempt to clear a path through what you may need to consider and do as part of the London Market. To assist our guest speakers in highlighting the issues of Consumer Duty that most affect IUA members, a brief survey has been produced the results of which will be discussed on the day. To access the pre-event Survey,
please click here. All completed surveys will be treated in the strictest of confidence. Survey will close on 03 February 2023
Our Speakers:
Najia Mukhtar and Nicole Austin are Senior Directors in the Risk, Regulatory and Compliance team within Global Insurance Services at FTI Consulting.
Noleen John is a corporate and regulatory insurance lawyer based in London with Norton Rose Fulbright. She was formerly Head of AXA UK's Group Legal Department and has extensive experience of working in-house within an insurance company.