FCA anticipates 'significant issues' with life insurance closed books

Under the Consumer Duty

John Brazier
clock • 2 min read

The Financial Conduct Authority (FCA) is expecting there to be “significant issues” with closed books among life insurance providers under the incoming Consumer Duty.

Speaking at the Association of British Insurers' (ABI) annual conference today (21 February), Matt Brewis, head of insurance at the FCA, highlighted two key areas the regulator is currently focusing on in the run-up to the Consumer Duty's implementation. Brewis said the FCA anticipates there will be "significant issues" for life insurance providers with large volumes of closed books. "It's a year to deal with [closed books] but I think there is going to be some significant issues there; old terms and conditions, old approaches, legacy IT systems and how to ensure that you're applying ...

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