Global Regulation, Local Solutions Emerging Themes 2020 - Page 28



SUPERVISION
EMERGING THEMES 2020
A CALL TO
ACTION
CUSTOMER VALUE IN
THE GENERAL INSURANCE
DISTRIBUTION CHAIN
In its thematic review of general
insurance distribution chains, the FCA
expressed extreme disappointment at
a widespread industry failure to focus on
customer outcomes in the approach to
product development and distribution.
It expects firms urgently to address
failures in culture and governance
and achieve a step change in their
approach. The FCA is very clear that
it will not hesitate to intervene using
the full range of its regulatory tools
where it identifies failings.
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