How to meet the FCA’s expectations
Insurers need to be able to articulate the way they make money if they want to satisfy the Financial Conduct Authority, according to Michael Sicsic, founder and managing partner of Sicsic Advisory.
In his Insurance Post Top Tips video, Sicsic advises insurers wanting to please the watchdog that they should:
Understand the FCA’s expectations;Know their business model;Be prepared.He said: “Move
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Why overseas capacity has become a concern for MGAs
Will Reddie and Bob Haken, partners at law firm HFW, explore the growing concern among managing general agents operating in the UK without capacity, which would put them in breach of regulations and runs the risk of criminal sanctions for both the insurer in question and its directors.
FCA claims Gap action will save consumers £70m
The Financial Conduct Authority has said consumers will save around £70m due to improvements firms must make to guaranteed asset protection insurance products.
Path forward after the FCA’s fair value review
After the Financial Conduct Authority’s damning thematic review into insurance products oversight and governance, DA Strategy associate director Pamela Grover-Morgan and consultant Szymon Binienda look at why firms are still falling short of expectations.
FCA remains ‘concerned’ about premium finance
The Financial Conduct Authority’s Sheldon Mills has said the regulator is still watchful and concerned about premium finance, but is encouraged that "progress has been made."
FCA responds to Sir Trevor Phillips questioning EDI delay
Financial Conduct Authority CEO Nikhil Rathi has said the Treasury Select Committee’s feedback on its diversity and inclusion proposals contributed to its decision to pause the work.
ABI’s Gurga on why the regulator should follow the Chancellor’s positive lead
Hannah Gurga, director general of the Association of British Insurers, says regulators should take note of Chancellor Rachel Reeves’s optimism at this week’s Labour Party conference.
PRA to reduce oversight of Lloyd’s managing agents
The Prudential Regulatory Authority has said that Lloyd’s managing agents will face a “lower level of supervisory interaction”, as the regulator moves to deliver on its competitiveness and growth objective.
Sir Trevor Phillips warns insurers face a ‘reckoning’
Sir Trevor Phillips, former head of the Commission for Racial Equality, has revealed that “more than any other industry,” the insurance sector needs to tackle the disparate way it treats customers.