We’re consulting on guidance for firms who manufacture and distribute insurance products.
During 2017 and 2018, we conducted diagnostic work on general insurance distribution chains. This found a number of harms to customers from failures in product design, oversight and distribution. We published the findings of this work in TR19/2.
In order to provide clarity to firms about our expectations, in particular in relation to the design and distribution of insurance products and the requirement to act in accordance with the customer’s best interests, we are proposing new non-Handbook guidance. The guidance sets out our expectations of insurance product manufacturers and distributors.
Who this applies to
This guidance is relevant to all firms conducting general insurance and protection business - both insurers and intermediaries. This includes firms such as retail banks, mortgage intermediaries, independent financial advisors and others who distribute general insurance and protection products alongside their primary business.
What you need to do
Please send us your comments by 9 July 2019.
You can send your response by:
- online response form
- email: [email protected]
- post: Joe Thompson, Strategy & Competition Division, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN
We make all responses to formal consultations available for public inspection, unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.
We will carefully consider your feedback to this consultation and plan to issue a response in autumn 2019.