Create Solutions webinar for the The Insurance Institute of Leeds & Harrogate: General insurance pricing practices market study – what you need to know
Today, Adrian Golifer presented a webinar for The Insurance Institute of Leeds.
Harrogate Webinar: General insurance pricing practices market study – what you need to know
What you need to know about the FCA’s package of remedies to make insurance markets work well for all consumers.
Firms have made great progress in implementing the requirements, however there is still a lot of uncertainty and confusion as to what firms needs to do and by when.
This session is an 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 or do a sense check to ensure they are on the right track.
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.
The FCA published its Policy Statement (PS 21/5) in May 2021, containing 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. It is anticipated these remedies will ensure firms provide fair value to all their customers, 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.
FCA remedies include:
- A ban on differential pricing between new and existing customers
- Enabling customers to cancel auto-renewal policies more easily
- Extending current product governance rules to existing products
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. It is therefore essential that 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.
The content will cover:
- 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
At the end of the session delegates will:
- Understand why FCA PS21/5, May 2021, has been issued to address GI pricing and product value concerns
- Have an overview of the FCA’s proposed reforms
- Be able to explain what firm needs to start considering
- Understand the consequences of not taking this seriously
Adrian Golifer Consultant at Create Solutions Ltd – The Specialist Training and Compliance Company for the General insurance industry.
Adrian has over 30 years’ experience in financial services compliance, risk management and regulation and in that time worked for the FCA for many years supervising an extensive range of firms including those in the General insurance industry and also has first-hand experience of consumer credit and claims management firms.