Warning for general insurance providers


This 810-word blog post looks a new warning from the FCA for those involved in the manufacture and distribution of general insurance products, as well as new research from Citizens Advice which found home insurance companies in the UK make all of their profits from loyal customers. Includes commentary by Jonathan Davidson, executive director of Supervision – Retail and Authorisations, at the FCA, and Gillian Guy, Chief Executive of Citizens Advice. Written on 10th April 2019.

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Article preview: General insurance providers and brokers have received a warning from the regulator. The Financial Conduct Authority (FCA) issued the warning to firms about the manufacturing, sales and distribution approaches that can result in customers buying unsuitable products, paying high prices, or being on the receiving end of poor service. It follows the recent implementation of the Insurance Distribution Directive, which requires all firms involved in the manufacturing and sale of general insurance to act in line with the best interests of the customer. Another recently implemented rule, the Senior Manager and Certification Regime, will hold senior managers within insurance firms to account for the actions of their firms.