UK FCA Spotlights Key Improvements for Insurers and Insurance Intermediaries

10 June 2015
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Key takeaways

  • 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.