Partner Featured in ‘The Insurer’ on New FCA Value for Money rules for insurers and their distributors

Partner and Global Co-Leader of the Financial Services Disputes & Investigations Practice Polly James spoke with The Insurer magazine 21 July on the UK Financial Conduct Authority’s (FCA) recently published collection of new rules for insurers and insurance distributors designed to ensure fair value for money to insurance customers, across both retail and commercial lines. 

James noted that “it’s very important for firms to be aware of the significant new binding rules and detailed evidential provision announced by the FCA around fair value…. Our view is that these new requirements are among the most significant regulatory changes contained in this new rule-set.”

Firms need to review existing product governance frameworks as they may no longer be sufficient to meet the FCA’s demands, and failure to comply could result in fines for both the firms and their senior management.