{"id":1527,"date":"2023-07-12T16:32:10","date_gmt":"2023-07-12T16:32:10","guid":{"rendered":"https:\/\/www.insurancedatalab.com\/?p=1527"},"modified":"2023-07-12T16:34:54","modified_gmt":"2023-07-12T16:34:54","slug":"greater-clarity-needed-on-consumer-duty-rules-ahead-of-july-implementation-deadline","status":"publish","type":"post","link":"https:\/\/www.insurancedatalab.com\/2023\/07\/12\/greater-clarity-needed-on-consumer-duty-rules-ahead-of-july-implementation-deadline\/","title":{"rendered":"Greater Clarity Needed on Consumer Duty Rules Ahead of July Implementation Deadline\u00a0"},"content":{"rendered":"\n
The session involved a number of people responsible for implementing Consumer Duty, including representatives from AXA, Covea, First Central and Freedom Services Group, as well as legal and compliance experts. <\/p>\n\n\n\n
The session started with a call for greater clarity from the FCA around what the rules require from insurance companies. <\/p>\n\n\n\n
One attendee stated that while they believe their firm is ahead of the curve when it comes to progress towards implementation, it is still hard to determine whether that will be enough in the eyes of the regulator as the requirements are simply not clear enough. <\/p>\n\n\n\n
They said that the regulator needs to provide the industry with clear and simple messaging laying out their expectations, as without that it is impossible to achieve the cultural buy-in that is needed for the spirit of Consumer Duty to become embedded within an organisation. <\/p>\n\n\n\n
One of the compliance experts agreed with this sentiment but also offered some reassurance. <\/p>\n\n\n\n
They said that the good firms in the industry will already be fulfilling a lot of the requirements, now they just need to evidence it \u2013 although that may be easier said than done \u2013 with deciding which metrics to monitor being of upmost importance. <\/p>\n\n\n