The Financial Conduct Authority (FCA) has outlined its expectations to life insurance providers in the face of hardships being endured by consumers as a result of the cost of living.
Following on from the ‘Dear CEO' letter published by the regulator in September, executive director Sheldon Mills has this week written to life insurance chief executives outlining expectations concerning the availability of information on protection products, supporting customers experiencing financial difficulties and operational resilience. Mills highlighted these elements in the context of the incoming Consumer Duty, reiterating the regulator's requirement that firms "should have agreed their implementation plans and how they will maintain oversight of delivery by the end of October ...
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