Follow us on:

CloseClose

Urgent - action required by group risk firms following publication of FCA draft guidance on product value and coronavirus

Financial Conduct Authority (FCA) - Product value and coronavirus: draft guidance for insurance firms.

The FCA has issued draft guidance setting out its expectations for insurers and insurance intermediaries to consider the value of their products in light of the exceptional circumstances arising out of coronavirus (Covid-19). The guidance applies to all firms carrying on regulated activities relating to general insurance and protection policies and will come into force by the end of May 2020. The guidance will be reviewed in the following 3 months and may be revised, if appropriate.

The FCA wants to act quickly to protect consumers in these difficult times and considers that the delay involved in publishing a formal consultation accompanied by a cost benefit analysis would be prejudicial to the interests of consumers. They are therefore not doing so and any comments must be submitted by 5pm on Friday 15th May.

The draft guidance can be found here.

Join now

If you are active in the group risk market and would be interested in gaining a greater share of voice and working more closely with your contemporaries in the industry please get in touch by completing this page.

Benefits of membership:

A STAKE IN POLICY

A STAKE IN POLICY

The opportunity to influence group risk policymaking.

VALUE BY ASSOCIATION

VALUE BY ASSOCIATION

GRiD is a respected voice in the protection sector – as such, membership enhances the status of member organisations.

ACCESS TO EXCLUSIVE INFORMATION

ACCESS TO EXCLUSIVE INFORMATION

Privileged access to output from the various working groups, including consultation responses, regulatory updates, employer research and pan industry claims data. GRiD members also gain exclusive access to industry speakers at member meetings.

Please enter your details:

Member register
  •     Already a member? Please login.