FCA final rules on general insurance pricing practices – “At a glance” guide

The FCA has implemented a package of remedies to address problems identified in its market study looking at pricing practices in home and motor insurance markets.  “Price walking”, a practice which means that existing customers can pay considerably more at renewal of their policies than new customers for the equivalent cover, will be prohibited.

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The FCA’s proposed new ‘Consumer Duty’ – what does it mean?

The FCA has published its long-awaited consultation on ‘duty of care’ which has morphed into a proposed package of measures intended to deliver better outcomes for consumers – together a new ‘Consumer Duty’.

The consultation, which is open until 31 July 2021, proposes:

  • a new Consumer Principle that provides an overarching standard of conduct; and
  • a set of Cross‑cutting Rules and four Outcomes that support the Consumer Principle.

The proposals apply to regulated products and services sold to ‘retail clients’.

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