FCA’s new GI pricing practices, product governance and product value (2)
In this comprehensive and interactive webinar, Branko Bjelobaba FCII focuses on the long-awaited policy statement published by the FCA - General Insurance Pricing Practices Market Study – Feedback to CP20/19 and Final Rules (PS21/5). The 87 pages of new rules address what has been described as the 'loyalty penalty' paid by existing general insurance product customers and aim to ensure that customers receive fair value in the insurance products they buy.
The rules introduce a package of market remedies which include:
- A requirement that when a firm offers a renewal price for home and motor it can be no greater than the equivalent new business price for a new customer
- Additional product governance rules that require firms to have processes in place to deliver products that offer fair value to customers with these new processes applying to all general insurance and pure protection products
- Rules to enable firms to offer accessible and easy options for customers wishing to cancel auto-renewal
- Onerous reporting requirements to support the ongoing supervision of the home and motor insurance markets
The rules relating to systems and controls and product governance (in addition to premium finance) came into effect on 1 October 2021. The rules on pricing, auto renewal and reporting will come into effect on 1 January 2022, with a transitional provision (until 17 January) for the rules on pricing and auto renewal disclosure.
- The new rules to end 'price walking' whereby existing customers pay more than new customers
- What significant changes to internal policies have to be made
- What product governance arrangements will be, including existing distribution arrangements
- An understanding of 'value' when it comes to all forms of general insurance
This webinar is relevant to anyone working in general insurance to include brokers, insurers and anyone with an interest in this area.
Please note: this is a repeat of the session held on 19 August 2021.
This webinar will be hosted on Zoom. Please ensure you have registered with the platform prior to the webinar and familiarised yourself with their T&Cs and Privacy Statement.
Please note, this session will not be recorded so a webinar playback will not be available for members who do not attend the live event.
All participants will receive a copy of the presentation post-webinar.
Please contact Gemma Warren (07436 263847) with any queries regarding this event.
- Online event
You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Gemma Warren (07436 263847).
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1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
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