General Insurance Article - PwC comment on FCA Risk Outlook & Business Plan publication

 "Financial crime has replaced rapid house price inflation as a forward looking area for the next year, and while pensions remain on the list, the risks are clearly much bigger this year. 

 "The FCA's new market focused programme will be of more interest to insurance firms. It has today announced regulatory initiatives on the use of big data and the role of appointed representatives in the general insurance and protection markets and is building on its work in retirement sales practices to ensure the market is functioning properly post the new freedoms. This will be given focus by a review of the suitability of both advised and non-advised purchases to establish whether customers are receiving good outcomes. In addition, the assessment of fair treatment of long-standing customers in life insurance is expected to conclude in the summer and although little detail of expectations is supplied in the business plan, it is clear that this is a sensitive area for many firms.

 "Firms will want to consider how the planned areas of focus apply directly - or could apply indirectly - to their businesses. Senior individuals must also consider the explicit focus placed on individual accountability in the FCA's key priorities, which will permeate their work over the year."