The Financial Conduct Authority (FCA) has sent a warning to heads of protection product manufacturers over a range of poor practices it has identified following the introduction of the Consumer Duty in July.
In its latest ‘Dear CEO' letter sent to providers of protection products (20 September), the regulator's director of insurance Matt Brewis laid bare concerns over increasing reliance on outsourced or third parties, current oversight of appointed representatives, and a "lack of operational resilience within firms to the detriment of customers and the wider market." "Where insurance works well, we see customers invested in good value pensions products with good quality and timely support when they need it, and claims being met quickly and fairly at the time of customers' greatest need," Br...
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