FCA: your General Insurance Pricing Practices questions answered

The FCA has published an extensive set of questions and answers on issues relating to its proposed remedies for perceived problems around the pricing of home and motor insurance in the UK.

This follows the publication in September last year of the final report on the FCA’s market study into general insurance pricing practices and a series of webinars in November, where participants had the chance to ask questions about the regulator’s proposed fixes for problems identified in the report.

The FCA said time constraints had prevented it from addressing all the queries submitted before and during those webinars. Hence the publication of this latest Q&A document, whose purpose, the FCA says, is to help firms understand the intention of its draft rules and to assist stakeholders with their consultation responses. 

The consultation remains open, however, and, until the regulator has finished considering the responses, the final rules will not be confirmed. The Q&A document, therefore, whilst an extremely useful point of reference which all affected firms should carefully consult, remains to some extent provisional.

Click HERE to read the document.

For further details on this or any other compliance related issue, contact a member of our expert team on 01925 765777, or email us at info@ukgigroup.com.

UKGI is a trading style of UKGI Limited and UKGI Services Limited which are wholly owned subsidiaries within UKGI Group Ltd. UKGI Limited acts in compliance services and UKGI Services Limited acts in support services. UKGI Services Limited is a wholly owned subsidiary of Total Broker Solutions Limited, which is an appointed representative of Resolution Compliance Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 421154. UKGI Limited Registered in England No. 03544014. UKGI Services Limited registered in England No. 04953835. All Registered Offices Number 22 Mount Ephraim, Tunbridge Wells, England TN4 8AS. VAT registration number 347 2664 82.