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Regulator’s ‘culture shift’ forces firms to place greater emphasis on vulnerable customers

By 2020-09-21T07:27:00

core values

Law firm partner addresses MGA online delegates to discuss the FCA’s switch in stance around ‘value’ and ‘outcomes’

The FCA’s “culture shift” to focus on good customer outcomes has had a domino effect within the insurance sector, placing greater emphasis on vulnerable customers and how insurance products work when making a claim rather than the regulator concentrating solely on pricing.

Speaking at a Managing General Agents’ Association (MGAA) webinar last Thursday (17 September), Mathew Rutter, a financial services partner at law firm DAC Beachcroft, told 141 online attendees that the FCA’s perspective and stance on “value” drastically changed between 2013 and 2019, demonstrating “a culture shift on the part of the regulator, which in turn is requiring a culture shift on the part of the firms that it regulates”.

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