The FCA Business Plan & Strategy 2024/5 – A Look At The Key Points

17/04/2024 | Online Zoom Conferencing

Join us for this Market Briefing where the experts from ICSR will discuss the upcoming FCA Business Plan, which sets the regulatory agenda for insurance firms in the coming 12 months. Released on 19th March 2024, the plan sets out the key areas of focus for the next 12 months, the last of its 3 year strategy laid out for 2022-2025. These are:

  • Protecting consumers, including embedding the Consumer Duty;
  • Ensuring market integrity;
  • Promoting effective competition, including delivering fair value outcomes under the Consumer Duty; and
  • Its secondary international competitiveness and growth objective.

Kenneth Underhill will explore the FCA 2024-5 Business Plan in detail and help firms understand how they need to adapt their approach to regulatory compliance to align with the latest FCA expectations and areas of focus.

Learning Objectives

At the end of this session, delegates will be able to:

  • Explain any changes in approach to regulatory compliance being adopted by the FCA and the strategic objectives driving this change
  • List the specific areas of focus the FCA will be looking at in 2024-5 and how firms should approach these;
  • Explain the impact for firms of any changes in approach to non-compliance being signalled by the FCA
  • List the FCA expectations of firms arising from the expected continued focus on Consumer Duty and Fair Value, highlighted by recent market communications and the actions already taken in relation to certain products.

About the Presenter

Kenneth Underhill, Director, ICSR

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 and has led the firm through successive years of exponential growth, helping a wide range of insurance firms with the establishment, operation and remediation of their businesses.