Norman Hughes, Senior Consultant, Insurance Compliance Services Ltd, will deliver an overview of the following :
- The FCA expects manufacturers to have completed all their work on in-scope products by 30th September
- The 30th September deadline for distributors to conduct value assessments is being moved back by three months to 31st December 2022, but only where certain conditions are met
- The circumstances that must be met for this forbearance to apply are:
- The distributor has identified the impact that the distribution arrangements have on the value of the product by 30th September 2022 and has completed any identified remedial action as a result of its assessment.
- The distributor has complied with any requests from the manufacturer for information specified in PROD 4.3.10BR.
- The distributor is able to demonstrate they received the manufacturer’s value assessment too late for them to be reasonably expected to meet their obligations by 30th September 2022.
- The FCA says it will be conducting further multi-firm review work, looking at both manufacturers and distributors product governance and value assessment frameworks.
- This work ties in with significant parts of the Consumer Duty, namely the products and services outcome and the price and value outcome.
- Firms are asked to consider the FCA’s findings and expectations and how they apply to their own activities. Any gaps or weaknesses in the firm’s current approach should be identified, along with documented explanations and evidence of any actions taken as a result.
Join the webinar to gain insight into how this impacts your company and what the FCA expects from firms!