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FCA launches consultation on GI value measures data

by Kevin Rose
31 January 2019
0
New ‘super’ trade body appoints first CEO
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The Financial Conduct Authority (FCA) has launched a consultation proposing new rules requiring firms to report General Insurance (GI) value measures data to the FCA for publication.

Alongside the Consultation Paper, the FCA has also published a third annual value measures dataset, covering the period August 2017-August 2018.

The FCA’s previous work has found issues of poor value in the GI market, and that there are no commonly available measures to assess the value for money of GI products. In response to this, since 2016 the FCA has been piloting the publication of value measures data with firms, and the pilot has had a positive impact in the market. It has improved transparency and awareness of a common set of measures of product value, helping firms to assess the value of their products and make improvements.

The proposals set out would introduce rules requiring firms to report value measures data for publication. The FCA also propose to extend the scope of value measures reporting to cover most general insurance products, as well as an additional measure to identify where consumers are unhappy and have made a complaint as part of the claim process.

The consultation also proposes that firms must use the value measures data when considering whether their products offer value to their customers as required by the FCA’s existing rules.

Christopher Woolard (pictured), executive director of strategy and competition at the FCA, said: “It is encouraging to see that the value measures pilot has been successful and that firms have already been using the data to make changes and product improvements.

“We have identified poor product value as a key area of harm in this market. The proposals we have set out today aim to increase competition on product value, which will benefit firms and consumers.”

The FCA is now seeking comments on the proposals set out in this Consultation Paper, which closes on the 30 April 2019.

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No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LOANS
  • RETIREMENT
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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