Intermediaries must engage with Consumer Duty process before it's too late

"Can't bury their heads in the sand"

Hemma Visavadia
clock • 2 min read
Intermediaries must engage with Consumer Duty process before it's too late

With the Consumer Duty arriving on 31 July, insurers and intermediaries need to make sure they take advantage of the ‘grace period’ given by the Financial Conduct Authority (FCA) to ensure they are ready for the upcoming changes, says Branko Bjelobaba, principal at Branko Ltd.

In a session dedicated to putting Consumer Duty into practice as part of the COVER Health Insurance Uncovered broadcast, Bjelobaba said that intermediaries need to engage with the processes and guidelines in some way and "can't bury their heads in the sand," as they risk leaving learning about the changes too late. He explained that the final rulings on the Consumer Duty are due at the end of next month, with firms given nine months to implement any required changes, yet Bjelobaba also sai...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

Financial pressures top stress factor for UK employees

Financial pressures top stress factor for UK employees

New research shows

John Brazier
clock 12 August 2022 • 1 min read
Working women feel responsibility to educate young on menopause

Working women feel responsibility to educate young on menopause

According to MetLife UK research

Hemma Visavadia
clock 11 August 2022 • 2 min read
HCML acquires healthcare rm

HCML acquires healthcare rm

employee health risk management specialist

Hemma Visavadia
clock 10 August 2022 • 2 min read