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Transparency

The ABI welcomes the FCA's Feedback Statement on its Transparency Discussion Paper DP13/1.

The paper was published in March, setting out the regulator's approach to transparency, including how firms could be more transparent.

Jacqueline Thornton, Conduct Regulation Policy Adviser at the Association of British Insurers said:

"The statement from the FCA is a welcome step to improve transparency for customers, and builds on the work the industry has already started to help customers shop around for annuities and agree common definitions for the reporting of claims pay out rates for protection products.  We agree that it is really important that customers get the information they need to make financial decisions while not being overloaded.  We have been working with FCA to help improve transparency for customers, particularly in the annuity market where the ABI Code of Conduct on Retirement Options now makes it compulsory to give customers information on shopping around before they purchase an annuity.

"We are very keen to see more details on areas such as the cost of the regulator itself and the FCA’s proposed value for money strategy. The ABI has long been vocal in our calls for greater cost transparency and more meaningful engagement with stakeholders.”

For more see Jacqueline Thornton's blog: Transparency: giving customers the information they need  


Last updated 01/07/2016