Plan split into two parts with 2023 focus on solving legacy problems
FCA and FOS get ducks in a row before new principle introduced
Follows accusations of failings by Chartered Insurance Institute
Speaking after acquisition of Aegon UK individual protection book
Customers’ policies are expected to transfer to Royal London in 2024
Changes designed to incentivise firms to settle proactively
‘Regtech’ update comes ahead of Consumer Duty in July
Benchmarked against four Consumer Duty outcomes
Rest cautious but optimistic