Consumer Duty – What brokers need to consider to successfully deliver implementation
Authored by Aviva
In their review of Consumer Duty implementation plans, the FCA highlighted that many firms had embraced the new regulation and were making good progress in delivering their plans. However, some firms’ initial efforts appeared superficial or non-existent, and others seemed overly confident that their existing systems or processes would be sufficient to comply with the Duty.
FCA Executive Director, Consumers and Competition, Sheldon Mills said in a speech on 22 February, “You still have time to deliver. But you must act now. The deadline of 31 July will not be moved.”
We want to offer practical support for our brokers with this important Duty. Following our previous article, one of our compliance proposition partners, RWA (part of the UKGI Group), has provided this handy document with an overview about what firms need to be considering in order to successfully deliver the implementation of the Duty, and provided examples of the MI that can help demonstrate each outcome.
Look out for details of our Consumer Duty webinar in the next few weeks.
About Aviva
Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.
In UK commercial, the insurance market remains challenging for insurance brokers and customers, due to the ongoing economic conditions. Aviva Insurance are focusing on improving our processes to ensure Aviva provide commercial customers with insurance cover at an acceptable price. Insurance brokers also recognised our excellent customer service by voting us Insurance Times General Insurer of the Year in 2012, for the second year running. youTalk-insurance sharing Aviva insurance news and video.