General Insurance Firms
Regulatory Requirements and Authorisation
General insurance firms must be authorised by the FCA and adhere to comprehensive regulations. The Insurance Conduct of Business Sourcebook (ICOBS) outlines rules covering product design, marketing, sales, and overall business conduct. Firms must demonstrate sound financial management and maintain effective governance and risk management practices to protect consumers and maintain market integrity.
RegTechPRO provides checklists, manuals, and policy guides to streamline the FCA authorisation process and ongoing regulatory compliance. Our resources are designed to simplify key requirements under ICOBS, ensuring your firm maintains high governance standards and remains fully compliant.
Product Governance and Fair Value
The FCA requires general insurance firms to have robust product governance frameworks to ensure products are suitable for target customers and provide fair value. This involves continuous monitoring, regular reviews, and fair pricing strategies. Firms must ensure distribution practices are in customers’ best interests and that products perform as expected without hidden costs or unfair terms.
Our platform offers templates and checklists for product governance, enabling firms to document their fair value assessments and compliance with regulatory expectations. RegTechPRO’s resources guide firms in reviewing and assessing product offerings and distribution channels, ensuring your firm remains compliant and focused on delivering positive customer outcomes.
Customer Communication, Treating Customers Fairly (TCF), and Consumer Duty
The FCA’s principles of Treating Customers Fairly (TCF) require general insurance firms to prioritise customer interests throughout the service lifecycle, from advertising to claims handling. The Consumer Duty builds on these principles, setting even higher expectations for customer outcomes. Firms must provide clear, fair, and non-misleading communications, ensuring customers understand their purchasing products and receive appropriate support, particularly in vulnerable situations.
RegTechPRO provides comprehensive TCF and Consumer Duty guides to help your firm deliver high-quality customer experiences. Our communication templates and checklists ensure that all marketing and policy documents are clear, transparent, and compliant with FCA standards. We also offer guidance on identifying and supporting vulnerable customers, ensuring your firm upholds the principles of TCF and meets the higher standards set by the Consumer Duty. With our software, you can embed a culture of fairness and accountability throughout your operations.
Claims Handling and Complaint Management (DISP)
Efficient and fair claims handling is a key regulatory requirement for general insurance firms. The FCA expects firms to process claims transparently and within a reasonable timeframe, ensuring that customers are treated fairly and respectfully. The Dispute Resolution: Complaints (DISP) Handbook outlines the procedures for handling complaints, requiring firms to resolve issues quickly and keep customers informed of their rights, including their right to refer complaints to the Financial Ombudsman Service.
RegTechPRO offers detailed guides and checklists for managing claims and handling complaints in compliance with the DISP Handbook. Our resources help your firm establish a robust complaints procedure, ensuring timely and fair resolution of customer issues. Using RegTechPRO’s tools, you can demonstrate compliance with DISP requirements and deliver a high standard of service to your clients.
Book a no-obligation demo today to learn more about how RegTechPRO can add value to your firm.
