The FCA has published Policy Statement PS25/21 setting out its final rules and options for future changes for simplifying the insurance rules. Firms will welcome the FCA’s aim of a more flexible and proportionate regime for the insurance sector that it has said is designed to reduce regulatory costs. The FCA has gone ahead with many of the proposed rules that it consulted on without many significant amendments. It has also set out some changes to look out for in the future.
Our Financial Services Regulation Partner, Andrzej Wieckowski says…
“Whilst some in the market wanted the FCA to go further, the more flexible and proportionate regime will be welcome news for firms, in particular those dealing with commercial customers. Firms will now need to focus on maximising the benefits of the changes.”
Ben Player, our Financial Services Regulation Partner, has focused on the impact on insurance intermediaries…
“Whilst some of the rule changes appear initially to focus on insurers, there are a number of benefits for insurance intermediaries in the new rules, which they will need to work with insurers to leverage. As the new rules came into effect immediately on publishing the Policy Statement, there is no time to waste in reviewing the new rules and making the appropriate changes”