FCA strips back insurance rulebook
The UK’s world leading insurance market could benefit from simpler, more straightforward rules, under proposals published by the FCA today.
The regulator plans to strip outdated or duplicated requirements from its insurance rulebook, having asked what improvements it could make. The changes could support lower costs and wider access for the businesses and consumers who rely on insurance to manage risk, while maintaining appropriate levels of protection.
The regulator is proposing to create a new definition to identify large commercial insurance customers who should not be captured by its conduct rules. This would ease the burden on firms insuring larger businesses that can manage risks independently, while protecting smaller commercial customers.
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