The Insurance podcast: Regulatory developments
This series highlights explores the key themes from the 2021/22 FCA Business Plan and the Consumer Duty consultation, and the likely impact for insurers.
Culture – the FCA’s areas of focus and key considerations for insurance firms
In episode 5 of our series, our team - Caroline Hunter-Yeats, Olly Jones and Thomas Marsh - discuss the FCA’s focus on the culture of insurance firms. They reflect on: how the FCA thinks about culture; areas of concern identified by the FCA, including firms’ approaches to diversity and inclusion and non-financial misconduct, and what firms should be doing to address those concerns (November 2021).
Consumer Duty – why the FCA consultation is causing a stir in the market
In episode 4 of our series, our team - Caroline Hunter-Yeats, Tom Makin, Robert Allen, Alex Ainley and Erika Pagano - discuss the FCA’s ongoing consultation on the new Consumer Duty. They reflect on: why the proposed changes are causing a stir in the market; the background and principles of the rules; who the Duty is likely to apply to; the problems it aims to resolve; the FCA’s purpose and expectations, and the likelihood of implementation (October 2021).
Conflicts of interest – key considerations for insurance firms
In episode 3 of our series focussing on the key pillars of the 2021/22 FCA Business Plan, Caroline Hunter-Yeats and Tom Makin in our Contentious Regulatory team discuss conflicts of interest. Caroline and Tom outline why the FCA is focussed on conflicts of interest, what the FCA expects from firms and what Final Notices in the insurance sector tell us about the FCA’s approach to identifying and managing conflicts of interest (September 2021).
FCA business plan - key governance considerations for insurance firms
In episode 2 of our series focusing on the key pillars on the 2021/22 FCA Business Plan, Caroline Hunter-Yeats (contentious regulatory), Tom Makin (contentious regulatory) and Olly Jones (employment) discuss the emphasis on governance. They outline the challenges of getting governance right in practice, the role of managing information gaps in investigations, how the insurance industry has found itself in the position of being given directions by the FCA on pricing products, and how the regulator is likely to ensure that the changes they expect to see are being embedded and implemented (September 2021).
Key themes from the 2021/22 FCA Business Plan and the Consumer Duty consultation
In episode 1 of this series, team members Caroline Hunter-Yeats (contentious regulatory), Tom Makin (contentious regulatory) and Satyen Dhana (competition) discuss the FCA’s new approach to supervision. They reflect on what we can learn from past Final Notices against insurance firms in the FCA’s key areas of focus (governance, conflicts of interest, and conduct and culture) and what to expect from the consumer duty which is likely to come in to effect in 2022 (September 2021).
Breaking news - Lloyds fined £90m for home insurance renewal failings
Insurance partner James Pollock interviews contentious regulatory partner Caroline Hunter-Yeats on the recent £90m fine of four insurance entities in the Lloyds group received from the FCA due to central failings relating to home insurance renewals over a nine year period (July 2021).
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