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.
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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.
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.
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.
Guest panellist, James Yerkess
Managing Director, HAL Consulting
James is currently the Managing Director of HAL Consulting, a fast-paced UK and European consultancy that specialises in the creation and implementation of fair value models to create positive outcomes for consumers. Prior to this, James was the Global Head of Transaction Banking/FX for HSBC where, over a six-year period, he designed, implemented and evolved Fair Value principles in over 25 countries and multiple product ranges. This often involved taking a lead in fundamentally changing market practices to drive more positive outcomes for consumers.