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20 August 2021

In May 2021 the FCA published PS21/5, which included the Regulator’s final rules to address the potential consumer harm highlighted through the general insurance pricing practices market study. On 19th August, the FCA published amendments to PS21/5 which make a number of technical changes to the rules published in May 2021.

The changes made do not affect the overall aim of the remedies or the outcomes that General insurance pricing practices market study looks to achieve. The FCA have stated that the aim of  these changes is to help firms to implement remedies on time, and to ensure that the benefits of these remedies are delivered for consumers.

The changes in the additional PS21/11 include;

  • clarification on the application of these rules to intermediaries that offer incentives or cash discounts on gross prices
  • a clearer definition of what constitutes a ‘renewal’
  • an amendment to clarify what firms have to do in some cases if they implement the new rules between 1 and 17 January 2022
  • clarification on reporting rules for intermediaries.

Alongside the Policy Statement, the FCA have published a Q&A document on their website to answer common questions about the overall package of remedies.

By Ian Beardmore

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