FCA publishes findings of multi-firm review into insurers valuation of vehicles
Firms must handle claims promptly and fairly, in line with their obligations under ICOBS 8.1. In this context, the FCA expect firms’ processes for valuing vehicles to identify a fair estimate of their market value.
The FCA recently undertook a review after seeing evidence that some consumers are being offered settlement values lower than a fair estimate of their vehicle’s market value.
Firms should consider the findings from this review including examples of good practice and areas for improvement in the context of the rules, including the Consumer Duty, to address any shortcomings.
It is expected that firms are able to demonstrate that they have meaningfully engaged with these topics. This includes evaluating whether they need to make changes to their own claims-handling processes to deliver good outcomes for customers. The FCA may contact individual firms to discuss the actions they have taken.
To read the full article to find out who this applies to, what they did and the findings, click here.
