Update on FCA Meeting + Upcoming Consumer Duty Webinar

On Tuesday, Insurtech UK CEO Melissa Collett, Louise Birritteri from the Council, and Phil Reid from the Secretariat, attended a meeting with Matt Brewis, the Director for Insurance at the FCA. A number of issues were discussed at this meeting on behalf of Insurtech UK members.

One of these issues is Advanced Subscription Agreements (ASAs). The FCA was in agreement with Insurtech UK on the principles we presented, and we will work on producing guidance for members that we agree with the FCA. They want to ensure any companies that have experienced problems with ASAs come forward, and so we encourage any members that have encountered issues with ASAs to contact the FCA through the Secretariat.

We have been given a direct point of contact at the FCA to lead on future queries that members have that are FCA-related, and have been given an additional point of contact for Appointed Representatives.

We have also been given a point of contact to the leaders of the Regulatory and Digital Sandboxes. Any members who are interested in accessing these sandboxes should get in contact with the Secretariat, and we can put you in touch with the FCA regarding this. 

We will look at exploring guidance documents about Consumer Duty with the FCA, such as on value assessments, in 2024. For any members interested in learning more about the Consumer Duty and what the expectations are for businesses now the Duty is in force, the FCA is holding a webinar about this on 6th December from 10am to 11.30am. You can register for the webinar here.

On issues affecting ARs, we are again looking at putting together some guidance in the future to help explain the broader regime to members.

If you have any questions about these issues, or would like to be put in touch with the relevant contacts at the FCA, please get in touch with us.