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ARTICLE · 02 JUNE 2021

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FCA's New Rules On General Insurance Pricing Practices - More Than Meets The Eye

Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner
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Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner

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The FCA published today a collection of new ‘pricing practices' rules for insurers and insurance distributors. Most headlines will be on the new price-walking prohibition for home and motor...

United KingdomInsurance
Polly James
Polly James
Adam Jamieson
Adam Jamieson

Summary

The FCA published today a collection of new ‘pricing practices' rules for insurers and insurance distributors. Most headlines will be on the new price-walking prohibition for home and motor insurance, new rules on facilitating the cancellation of auto-renewing policies, and enhanced value measures reporting for home and motor insurance products. However, we think the most problematic new rules released today are the more onerous and opaque requirements upon insurers and their distributors to ensure customers – both retail and commercial - get fair value for money. These product governance rules have come in under the radar and firms need to consider carefully how to update their policies and procedures in order to comply. Time is tight – the implementation period for the new rules ends on 30 September 2021 – so now is the time to get started.

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