FCA simplifying the insurance rules
FCA simplifying the insurance rules
The FCA announced in May that it will simplify its rules, publishing CP25/12 where they plan to strip outdated or duplicated requirements having asked what improvements it could make. The consultation comes following the FCA’s commitment to withdraw over 100 pages of outdated guidance in a bid to streamline its rules.
They have published draft rules which will see implementation by Q4 2025. This briefing will look at the proposed changes to cover: determining which rules apply to commercial insurance, clarification of co-manufacturing, frequency of fair value assessments and then changes to training and competency requirements (where they propose to remove the 15-hour Continuing Professional Development (CPD) requirement).
Learning objectives - by the end of this update you will gain an overview of:-
- What the FCA is trying to simplify and the likely impact of the new rules;
- A reminder as to what fair value is all about and what needs to be done;
- CPD – what actually is necessary these days.
Speaker bio
I started my insurance career in 1987 and have worked across the sector including stints at PwC and GISC and have led my own consultancy practice since 2004 working closely with AMII, BIBA and the CII and have provided hundreds of well-received (even entertaining!) talks. I am a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards in 2021. I am proud to judge various insurance awards and am always being approached for engaging commentary and analysis.
Venue
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CII Accredited
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.