Important update webinar now the FCA’s Final Rules published – General Insurance Pricing Practices Market Study

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Date: 15th July 2021

Time: 2.00pm (1 hour webinar)

Delivery: Via Zoom (Details will be sent to you once you have booked your place)

Book on this session …

The FCA recently published its Policy Statement (PS 21/5), May 2021, containing its feedback and final rules on the General insurance pricing practices market study.

The Policy Statement outlines the regulator’s ‘package of remedies’ to address what it sees as the issues identified in its general insurance pricing practices market study final report. The regulator anticipates these remedies will ensure firms provide fair value to all their customers, including commercial ones (not just motor and household) and will see an end to higher prices currently paid by some long-standing customers.

This is a lengthy and significant collection of new regulatory expectations, that will have a considerable impact on many firms.

The expectations do not come into force all at the same time, and will not affect all firms in the same way – but this session will aim to explain all of this, in order to aid your understanding of the new expectations.  There are some key dates which are just months away and others effective from next year.

This webinar is your opportunity to learn more about the FCA’s finalised rules and guidance aimed at addressing pricing and product value concerns, so that you can consider their impact on your firm’s business model.

It is therefore essential that Senior Managers and relevant staff start to engage with the FCA’s finalised rules in order to think about how they will need to act to be ready for implementation.   This session is a must for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk/Compliance staff, Operational staff and individuals who have responsibility for Strategic planning, Pricing/Actuarial and Sales & marketing within a firm.

In brief, the areas of focus are:

  • Auto Renewal
  • Premium Finance
  • Home and Motor Pricing
  • Home and Motor Reporting
  • Product Governance and Oversight
  • The FCA also proposes introducing additional reporting requirements by firms in respect of pricing, and an annual attestation by senior managers on compliance with the new regime.

What we will look at in the session:

  • Why FCA PS21/5, May 2021, has been issued to address GI pricing and product value concerns
  • An overview of the FCA’s proposed reforms
  • What your firm needs to start considering
  • The consequences of not taking this seriously
  • Questions and answers

To book: please contact deborah@createsolutions.co.uk with the names of the delegates.

The session is limited to 3 people per firms  (However if you would like more contact us and we will look to see if we can accommodate you)

If you are unable to attend once you have booked please let us know in advance so we can give your place to someone else.

There is no charge for this session for Create Solutions clients.  We are providing these in place of our face to face workshops and ensuring that we work with you on important topics and continue to keep you informed during this time of change.

 

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