The Financial Conduct Authority (FCA) has confirmed it will simplify and modernise its rules around the UK insurance market.
The regulator aims to "support growth and innovation" by reducing regulatory requirements whilst keeping appropriate consumer protections in place. The simplifications include: Being able to appoint a lead firm to take on product manufacturer responsibilities The removal of the 12-month minimum frequency requirement in PROD 4 for product reviews Removal of rules requiring firms to notify the FCA if they are conducting employers' liability business Removal of the prescribed annual 15-hour continuing professional development (CPD) requirement for insurance The regulator has ...
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