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Boardroom Forum: Consumer Duty - where next?

When:

Where: Association of British Insurers - UK Head Office - London, One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom

Registration: 08:30, includes networking breakfast

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Free members event. 

Please note: All members must be logged into their ABI member account to be able to book this event.

Our Boardroom Forum,  is a union of our NEDs & Chairs Network and Executives’ Club breakfast delegates, creating one network for Execs, C-Suite members, NEDs and Chairs from ABI Member and Associate Member companies. 

Details

This panel will explore the impact of the FCA’s Consumer Duty, including in retail general insurance markets where several regulatory actions have taken place including use of the regulator's product intervention powers on some lines of business. Does making products with low claims ratios harder to obtain improve customer outcomes or just make it harder for consumers to insure against low probability but high impact events? Will a new pricing and distribution model emerge that enables these products to return to the market?

The panel will also consider what lessons can be learned from the first period of the Consumer Duty to apply to closed books of business, including long-term life products. Given the amount of work done previously on long-standing customers by both the FCA and firms, how does the Consumer Duty change things? How can firms evidence fair value going forward without reopening historic pricing structures that pre-date the Duty?

The panel will also consider:

  • Assessing the FCA’s priorities for the price and value outcome
  • Likely impacts of extending the Consumer Duty to closed products
  • Other aspects of the Duty that deserve focus, including Board reporting

Speakers

What will you learn?

By the end of this event, delegates will be able to:

  • Describe how the FCA views the early implementation challenges of the Consumer Duty  
  • Identify Consumer Duty issues relevant to their own books of business that may require further review
  • Gain insights into how other firms are addressing issues and improving customer outcomes

The dress code is business attire, if you have any dietary requirements please enter these when registering.

Bookings close at 17:00 on Tuesday 25 June 2024.