The FCA continue to place the concept of ‘Fair Value’ at the centre of their consumer protection activity, with a very public challenge issued to GAP insurers in September 2023 to prove customers are getting a fair deal or face regulatory intervention. Kenneth Underhill will look at how the regulator expects firms to demonstrate their products represent fair value to consumers, how the regulator is using data to inform its assessments and the steps firms can take to measure and evidence their actions.
At the end of this session, delegates will be able to:
- Outline what actions have been taken by the FCA in relation to the value measures data released on 20th September and why the FCA have taken these actions.
- List the FCA’s 3 main areas of concern resulting from the value measures data and know why these are relevant to an MGA.
- Describe what action the FCA expect to be taken at (co)manufacturer and distributor level in relation to the assessment of Fair Value and implementation of the Consumer Duty.
- Summarise which factors contribute to the value profile of a General Insurance product – and how the FCA expect firms to measure and evidence these factors in establishing and proving the fair value performance of products for consumers.
- Explain what processes to follow and how technology can help MGAs measure value and evidence compliance.
About the Presenter
Kenneth Underhill has almost 30 years in the London Insurance market and is the former General Counsel of Chubb European Group, then ACE. A Director of multiple Insurance Companies operating in over 30 countries with a turnover in the range of $5+billion, he was responsible for Legal, Compliance and Corporate Governance across the EMEA region and had a team of 60 or so. Prior to that Kenneth was a founding partner of the Commercial & Regulatory team at Reynolds Porter Chamberlain. Kenneth founded ICSR in 2017.