FCA lays out Consumer Duty expectations for protection industry

Implementation expectations laid out in advance of the 31 July deadline

John Brazier
clock • 3 min read

The Financial Conduct Authority (FCA) has written to protection market participants setting out its expectations on how firms should implement the new guidelines and its supervisory strategy.

The regulator's latest communication to the protection industry, issued alongside similar letters to other financial services markets, marks an effort to "help them implement and embed the duty effectively." Within its letter addressed to firms engaged in life insurance including pure protection products, the FCA stated it expects the duty to be a "top priority for you personally" and that the guidelines will enable the sector to be "fit for a digital future" in which customer's diverse and changing needs can be met. Consumer Duty is described by the regulator in its communication as ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Shifting demographics: Post-Budget protection conversations

Shifting demographics: Post-Budget protection conversations

Emerging market for people aged 45 and upwards

Naomi Greatorex
clock 18 February 2025 • 3 min read
Supermarkets, fast cars, and protection insurance

Supermarkets, fast cars, and protection insurance

'I would argue this is a perfect example of an efficiency gap'

Paul Yates
clock 10 February 2025 • 3 min read
Protection advisers concerned about rising costs and market pressures

Protection advisers concerned about rising costs and market pressures

One-third see cost of doing business as biggest challenge

Jaskeet Briah
clock 30 January 2025 • 2 min read