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 ...
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