‘UK and European regulation is fundamentally changing how insurance products are designed and sold’
Having engaged with the FSA and OFT in the course of their roll out of Creditor Insurance, Dennis Haggerty attended FCA presentations covering the FCA’s Final Order governing creditor and related insurance that included debt waiver.
The same principles based regulation is now reaching out to cover an ever widening number of general insurance products. The focus has moved away from purely creditor and currently the FCA are looking hard at add-on products within packaged bank accounts. This will then embrace more main stream products.
Dennis Haggerty designed a compliance template to break down the complex Final Order into bite size chunks and effectively reduced compliance to a tick box list. This approach enables directors and product managers to ‘sleep at night’ in the certainty that their products systems and sales process will be compliant.
The work required to accumulate the evidence that is essential to back up the template questions cannot be underestimated. However, having achieved this for one organisation that passed an FCA compliance visit with flying colours, Dennis Haggerty can say with certainty that the methodology works.
To find out how this approach could work for your organisation please get in touch.
Regulation – further information
This is a useful link for more in depth understanding of the regulatory challenges facing the UK insurance industry: Excellent article regarding FCA regulation and the tools at its disposal
Data Protection Act
For information concerning the Data Protection Act please refer to this link.