GI pricing and product value

The Financial Conduct Authority’s (FCA) concerns about pricing and product value have been well publicised over recent times. This area of regulatory change will impact all firms involved in general insurance.

The FCA's (and previously the Financial Services Authority's) focus on value is consistent, with product design and Treating Customers Fairly (TCF) being on the agenda since 2004. The regulator’s approach has developed gradually since then and it has brought together different themes such as distribution chains, product governance, pricing, premium finance, add-ons, vulnerable customers and sales/renewal disclosures.

This has all cumulated into the FCA’s pricing remedy and extended product governance rules, with major rule changes as a result. These will increase pressure on firms to make sure that their products and services are fair, meet with customer needs and offer value for money.

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