CII responds to FCA Consumer Duty consultation

FCA-Consumer-Duty-consultation

Authored by CII

In response to the FCA’s Consumer Duty consultation paper, published on 7th December 2021, Sian Fisher, CEO of the Chartered Insurance Institute, said: “The FCA is being crystal clear: they want the profession to innovate to address the unmet needs of consumers. The regulator’s findings support those of our public trust index - failure to address this erodes consumer trust in the profession.

"We fully support cultural change that enables consumers to make informed and timely decisions, receive satisfactory support from providers and take action to address their needs.

"Our Shaping the future together consultation shows there is an appetite among professionals to further develop the skills and knowledge required to consider the needs of their customers – including those in vulnerable circumstances – and how they behave, at every stage of the product/service lifecycle.

"We are committed to supporting the insurance and personal finance profession with the growing focus on and awareness of what their customers experience and addressing diverse needs.”

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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About CII

The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability.

With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.

Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).

Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.

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