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UK FCA Spotlights Key Improvements for Insurers and Insurance Intermediaries
10 June 2015
View Client Update
The FCA has highlighted significant areas for improvement in the way insurers and insurance intermediaries handle delegated authority, claims by SMEs, and insurance premium financing.
Insurers and intermediaries should consider whether they have effective and risk-based controls in place when outsourcing to third parties and improve their due diligence into third parties.
The FCA has called on intermediaries and insurers to assess their claims handling approach to ensure that claims are handled promptly and fairly for all customers.
The FCA wants intermediaries and insurers to provide customers with sufficient information at appropriate stages so that customers can compare products and payment options at the outset.
James C. Scoville
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