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.