The FCA’s new Consumer Duty requirement comes into effect on 31st July 2023 setting higher and clearer expectations for consumer protection across financial services, including parties involved in manufacturing and distributing insurance products.
Ahead of this, and in line with manufacturers interim responsibilities to review existing products against the four new customer outcomes, please find below our latest update for distributers information:
To confirm, the in-scope products where we are a ‘co-manufacturer’ have been assessed as compliant with no material changes required at this stage. Further information on our products can be found on our dedicated Product Oversight & Governance webpage.
We will continue working through our Consumer Duty Implementation Plan, as approved by our Board of Directors and Product Oversight & Governance Committee and remain on course for full compliance as required by 31st July 2023.
In addition to the above, we have also included relevant communications received from Insurers regarding their work to date on the Duty which you can find below for information:
- AXA Partners Consumer Duty Email to Distributors – July 2023
- AXA XL Consumer Duty Implementation Update – April 2023
- AXA XL Consumer Duty Expectations For Brokers – July 2023
- China Taiping Communication to Brokers 1 – Jan 2023
- China Taiping Communication to Brokers 2 – April 2023
- China Taiping Communication to Brokers 3 – July 2023
- Chubb’s approach to the Consumer Duty
- DAS Consumer Duty Communication – April 2023
- DAS Consumer Duty Communication – August 2023
- Hiscox Consumer Duty
- RSA and Broker Roles & Responsibilities
- Tokio Marine HCC Consumer Duty
Please do not hesitate to contact us at firstname.lastname@example.org if you have any questions.