Analysis

In Focus: Consumer Duty presents ‘huge opportunity’, but implementation has not been smooth

By 2023-03-31T14:42:00

consumer focus regulation

With the 31 July 2023 deadline fast approaching, can the general insurance sector properly grasp the opportunities new regulation offers?

Speaking at Insurance Times’ BrokerFest 2023 event in February this year, the FCA’s director of general insurance (GI) called Consumer Duty “the biggest change in 20 years to how we are regulating insurance”.

This was no exaggeration – when the new regulation comes into force on the implementation deadline of 31 July 2023, it will fundamentally realign the requirements placed on insurance sector firms in the UK.

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