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FCA sets out its new regulatory approach to insurers


MartinWheatley, the Financial Conduct Authority's (FCA) Chief Executive, spoke at the ABI Biennial Conference.  In his speech he discussed the FCA’s first hundred days and also looked at future trends.  Among other things, he said that:

  • the FCA is far more actively looking at market trends innovations, business plans, products and outcomes to support both markets, as well as customers.  The FCA’s focus on business ethics is not just a regulatory phase, it is a lasting change;
  • with regard to the FCA’s new competition duty, later in July FCA will set out its general approach to its objectives, including competition and will consult on them.  He also discussed the FCA’s market study on general insurance
    add-on products, which he said was an important piece of work, as the first
    study the FCA has undertaken specifically to examine the state of competition
    in a market; and
  • the FCA will continue to take seriously the issue of whether products are being sold correctly.

He concluded explaining that the FCA would continue the credible deterrence
approach.  FCA represents a different and more effective regulator than
its predecessor, the FSA.  The emphasis will be for firms not just to adhere to the rules, but to step beyond the old reliance on technical rules and processes and take a broader position on morals and outcomes.  Regulators needs to serve the market better by acting more swiftly, by intervening earlier and more intelligently to avoid crises down the line.

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