Bitesize: Product Oversight & Governance TR 24/2
The FCA issued a thematic review report TR24/2 recently on Product Oversight and Governance.
They looked at the Governance and Oversight of products across Manufacturers and Distributors. Most of it highlighted what insurers were doing wrong or not doing at all. The final 6 Pages deal with problems they found with Brokers but also good practice.
It highlighted there was as need for improvement in many areas, such as the following:
- Governance Structures
- Fair Value assessments
- Management and distribution arrangements
- Considering Vulnerable Customers
- Dealing with Conflicts of Interest
- Ensuring and evidencing firms are delivering positive outcomes to customers
The FCA is now considering supervisory and regulatory actions. They want firms to put any deficiencies right and for senior managers to attest to ensure accountability. They will look for areas of significant harm and take action where they identify any.
In this session we will update you on their findings, give guidance on what to do and discuss how we can help firms.
Who should attend?
It is important that those who are responsible for this area, for product design and distribution/management, SMF’s, compliance, training, vulnerability, Q&As, Consumer Duty Champions and anyone who has the responsibility for delivering good outcomes to customers attends.
To book: email Deborah@createsolutions.co.uk or phone 0161 870 6637. The session will be held via Zoom and details will be sent to delegates in advance of the session.
