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Maggie Craig, Director of Financial Conduct Regulation at the Association of British Insurers said: "The ABI welcomes the publication of the FCA Guidance Consultation on inducements and conflicts of interest. "The paper is helpful in providing guidance for providers and distributors, particularly in how the rules interact with the new RDR framework. It is encouraging to see that there is good practice in this area and that the FCA has acknowledged that many firms have already taken action to improve their practices and the systems and controls around inducements. "Today's publication is a good start, but we do believe that more clarity regarding FCA expectations in this area would be helpful in some areas, particularly around initiatives such as joint ventures. "The ABI will be responding to the FCA and will continue to work with them to develop their final guidance on inducements." |
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