Following the publication of the General Insurance Pricing Practices Market Study and the Policy Statement setting out the final rules on a package of remedies, the Financial Conduct Authority (FCA) has sent out a ‘Dear CEO’ letter to insurance intermediaries focusing on the Enhanced Product Governance Rules (PROD) and the Senior Manager Attestation Requirement.
Following a survey of insurance intermediaries, the FCA are not convinced that firms understand the impact of the Enhanced Product Governance Rules. These rules came into force on 1st October 2021 and apply to Manufacturers and Distributors of all general insurance or pure protections . . .
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