Every year, the FCA release their annual business plan in early April. It sets the scene for the regulatory road map for MGAs for the year to come and often beyond that.
Previous plans have signalled the onset of regulatory changes including the Insurance Distribution Directive, Senior Managers & Certification Regime and the reviews into pricing and vulnerable customers amongst many other changes.
Hidden within the 2018/9 and 2019/20 plans have also been the initial signals on value measures, vulnerable customers and culture, none of which appear yet to be at the end of the diagnostic cycle.
Kenneth Underhill will look at the 2020/1 FCA Business Plan and consider what the reality means for MGAA members, using previous plans and outcomes as examples.
Members will have a clear understanding of what the 2020/1 FCA Business Plan means for their firm and the actions they will need to take to begin planning within their Regulatory and Compliance teams and ensure their business is prepared for any likely actions, information requests and changes that are implemented.
Director – ICSR
Kenneth Underhill has over 25 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.