Insurers unable to demonstrate robust fair value assessments and adherence to product governance
TCC’s team of experts has become aware of some firms being challenged by the FCA on their
The regulator is particularly concerned about the lack of cohesive criteria used in fair value assessments and adherence to product governance. This generally indicates that some firms are either getting the assessment wrong or, if they are getting this right, it is more through luck than judgment.
The knock-on implications arising from this discovery include assessment of systems and controls, corporate governance, culture and the ability of individuals to evidence they are effectively discharging duties.
These emerging risks, whilst not unexpected, have wide-ranging impacts for firms, mainly regulatory scrutiny and the potential for poor customer outcomes – with the advice is to take proactive action.
Now is the time to invite trusted experts to gain an invaluable, independent risk assessment of your firm’s approach.
TCC’s team of former regulators and industry practitioners can work with you on assessing your risks and ensuring necessary change or remedies are implemented. Get in touch to find out more.