webinar

Retail premium finance, general insurance and the FCA - where the rubber hits the road

Recorded on Friday 27 November 2021 | 50 mins 

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Since the FCA's announcement of their overhaul of insurance pricing, we have been running a series of webinars, covering the finer details of the recent ruling, and how we see it as a major opportunity to reset confidence and trust in the financial services industry.

The FCA’s Consultation handbook changes mentions “Premium Finance” 96 times.  Here’s just an example:

“Firms should consider, at inception and then on a regular basis, their arrangements with providers or distributors of retail premium finance and whether they could give an incentive to act in a way that is inconsistent with the customer’s best interests rule or otherwise could risk breaching any of the provisions referred to in ICOBS 6A.6.6G.”

 “For example, a firm’s remuneration arrangements should not provide an incentive to offer retail premium finance having greater costs to the customer (including a higher APR) where another retail premium finance arrangement, better aligned with the customer’s interests, is available to the firm in the market.”

What does this and other new guidance mean for the general insurance market? How might the changes impact consumers? What are their best interests?

We will take a pragmatic approach to answering these questions in this webinar.  Firstly, through the eyes of someone who has been regulated already, and how they made it into something positive.  Then with someone with deep personal knowledge of the impacts of retail finance on the distribution chain and finally we will bring you some exclusive research about consumers and their view of what is fair and what is not.

Event Speakers

James Yerkess

James Yerkess

Managing Director, HAL Consulting

James has a career that has spanned executive leadership roles in international financial services, global retailers, and start-up banks. He has also directed global risk governance strategy and set policy across various countries and different regulatory bodies. As managing director of HAL Consulting, he equips companies with the tools required to accelerate fair value evolution, deliver growth, lower costs, and boost innovation. HAL is different from others in the marketplace in that all the team are practitioners, not just consultants. HAL is made up of senior executive business leaders who have all had commercial responsibility for large global frontline operations and have first-hand experience of the same or similar challenges clients are facing together with practical knowledge on how to solve them. Brands include HSBC, First Direct, UBS, Deloitte, Credit Suisse, Tesco, Marks and Spencer, Eurochange, SS&C, Aviva, Direct Line and RSA.

 

Emma Hart

Emma Hart

Senior Researcher, Consumer Intelligence

Emma joined Consumer Intelligence in 2017, having previously worked with a global research agency specialising in brand tracking and advertising & communications testing, for a diverse range of UK and international brands across the retail and FMCG sectors. Her experience covers a range of research approaches to understand the customer relationship and customer experience with brands.

Ian Hughes

Ian Hughes

CEO, Consumer Intelligence

Ian has made it his life’s work to help companies understand how to improve their world by helping them better understand their customers.
In 2003, he launched Consumer Intelligence, a data analytics company that helps businesses fixate on executing great customer strategies, which now operates in 9 countries globally. Ian is a Fellow of the Institute of Direct Marketing, a Best Business Awards judge and an I Love Claims Board member. He is a graduate of Harvard Business School.

John Blevins

John Blevins

Head of Product, Consumer Intelligence

John is a General Insurance specialist with 19 years’ experience in the insurance industry. Having worked in an intermediary, aggregator and direct insurer, John has accumulated a wealth of knowledge around how these markets operate.

 

Catherine Carey

Catherine Carey

Interim Marketing Director

Catherine is our webinar chair.

Catherine's career in PR and Communications spans almost a decade, during which time she has worked across a range of industries including healthcare, contract catering and the charity sector. She made her move to Consumer Intelligence and the world of insurance and retail banking in 2018. As a multimedia journalism graduate, Catherine uses her creative skillset to bring topics to life across traditional and digital platforms.