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.

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