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FCA still concerned over industry understanding of product governance rules

By 2021-10-19T09:30:00

ceo letter

The regulator said that brokers are struggling to identify themselves as manufacturers or distributors, meaning they are uncertain whether updated product governance rules apply to them

The FCA has revealed in a ‘Dear CEO’ letter that it still has concerns around the insurance industry’s understanding of its enhanced product governance rules, which came into effect from 1 October 2021 as part of the regulator’s general insurance pricing reform project.

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