CII reacts to FCA amending general insurance pricing practices timetable
Publication date:
23 March 2021
Last updated:
18 December 2023
Author(s):
Chartered Insurance Institute
In response to the FCA today (23 March) giving the insurance profession until the end of September 2021 to implement changes to the systems and controls rules and the product governance rules and until the end of 2021 for the embedding pricing, auto-renewal and reporting requirements for general insurance, Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said: “The CII’s Public Trust Index has long emphasised consumer sentiments around price and what they consider the “loyalty penalty”. Despite the work the market has undertaken to improve this situation, it is nevertheless welcome the regulator has stepped in with a plan to end this practice once and for all.
“We believe the FCA have given adequate sight and consultation of their proposals. They rightly recognise the hard work which will be involved in firms implementing finalised proposals and the subsequent changes which will need to be made.
“While we welcome their ambition for full implantation to take place by the end of the year, there is some concern that this may not be enough time for firms to get all practices in place. Its important that the regulator continues to take the current pandemic into account and remains flexible in their approach, to ensure we get the right consumer outcomes.
“The CII will continue to work with the regulator and our members to ensure these measures are implemented seamlessly.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.