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FCA sets out conduct expectation for insurers

Clive Adamson, the Financial Conduct Authority’s (FCA) Director of Supervision, spoke at the Insurance Institute of London.  In his speech, Mr Adamson discussed
the FCA’s overall aim for the insurance industry, which is to work with it to enhance public trust, so that when consumers purchase insurance products and services, they can be confident that these products do exactly what they say they will.  To achieve this FCA is developing and deepening its understanding of the sector and what consumers are really experiencing. FCA is looking closely at how firms make their money, and is using more data and intelligence to join the dots so that it can head off risks before they crystallise to cause consumer harm or damage market integrity.

Mr Adamson discussed four key areas:

  • delegation of authority:
  • financial crime risks;
  • claims handling; and
  • management of conflicts of interest.

He concluded by saying that the FCA is not trying to stifle innovation and not
aiming to drive profitability out of insurance businesses.  FCA wants to work with the industry to constructively solve issues and enhance the trust and confidence of consumers in this market.

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