Source Webinar: What does the FCA General Insurance Pricing Practices Market Study mean for me?
18 June 2021
Recently, the Financial Conduct Authority (FCA) published the results of the General Insurance Pricing Practices Market Study, outlining changes that need to be made in the insurance distribution industry. Many factors will be changed such as the introduction of new reporting obligations, and the removal of dual-pricing.
Potentially one of the biggest changes to GI compliance in recent years, the results of this market study will undoubtedly impact the entire insurance industry. Following the FCA’s final report, you may be questioning what it means and how it might affect your day-to-day business.
Source Insurance is hosting a free 1-hour webinar on Friday 25th June at 9am, to help you understand what’s changed and what the new rules mean for you.
Source’s Head of Compliance, Phil Lewis, will be providing insight on the following;
- What is the FCA GI pricing practices market study?
- How does it affect brokers selling GI?
- What does it mean for customers?
- When will the rules come into force?
- What will the impact be and will it reduce prices?
This webinar is completely free and will be worth 60 CPD minutes.
Register here to secure your space www.thesource.co.uk/gi-pricing-practices
Ahead of the webinar, some of the key points to note are;
Fair Value
The FCA has introduced a “fair value” assessment, which means that brokers will need to answer more questions around their remuneration for GI, including fees and commission. The rules do not define exactly what details will need to be declared, but brokers will need to be prepared to provide the requested information.
Auto Renewals
New rules are being brought in that require firms to offer the option to opt-out of auto renewals at any point in the insurance life cycle and it will need to be mentioned at the point of sale. Auto renewals often provide certainty and comfort for policyholders, so the impact of this is unknown at present.
To learn more about these new rules and the rest of the report, register for the free webinar here www.thesource.co.uk/gi-pricing-practices
