FCA Consumer Fairness Duty: Is fairness an obligation or an opportunity for insurers?

Insurance Edge  |  October 3rd, 2022

The simple truth is regulatory changes such as General Insurance Pricing Practices (GIPP) and the Fairness Duty shouldn’t be as hard hitting as they will be. It’s simply asking insurers to make pricing, product, cover and experiences more fair as well as make better provision for vulnerable customers. It shouldn’t be a tough ask but it will be, especially when it comes to insurers delivering informed, timely communications through digital channels.

That’s why, with the October deadline for implementation plans looming, I’d like to reiterate why insurers should treat these regulatory changes as an opportunity and not merely an obligation.

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