News

FCA’s Consumer Duty provides relief for professional indemnity insurance brokers

By 2023-01-23T07:00:00

balance of justice, law, compliance

The new rules can be used to ensure insurers ‘do not engage in sludge practices such as drawing out the time taken to pay a claim unnecessarily’, says policy and public affairs director

Brokers can use the consumer support outcome in the FCA’s Consumer Duty to put “regulatory pressure” on insurers when dealing with professional indemnity (PI) claims, said Matthew Connell, policy and public affairs director at the Chartered Insurance Institute (CII).

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