The Financial Conduct Authority (FCA) is expecting there to be “significant issues” with closed books among life insurance providers under the incoming Consumer Duty.
Speaking at the Association of British Insurers' (ABI) annual conference today (21 February), the regulator's head of insurance Matt Brewis highlighted two key areas the regulator is currently focusing on in the run-up to the Consumer Duty implementation deadline. Brewis said the FCA anticipates there will be "significant issues" for life insurance providers in particular, especially with large volumes of closed books. "It's a year to deal with [closed books] but I think there is going to be some significant issues there; old terms and conditions, old approaches, legacy IT systems and...
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