Happy New Year! For our first newsletter of 2024, we wanted to share with you a few updates of what has occurred, and to also provide some useful insights which we believe will help you with your compliance efforts. This year sees a notable stepping up in the requirements that the FCA have levied on our industry, with particular focus resting on Consumer duty, which will be concluding its first year in July. We’ve a few useful tools and resources coming to you within the next few months, to make sure you stay informed and know what is happening.
FCA Action on Guaranteed Asset Protection (GAP) Insurance
Back in September of last year, the FCA wrote to all insurers reminding them of its expectations that offered products must provide a fair value to customers. The FCA has investigated further and found evidence that some were failing to deliver adequate value to customers with Guaranteed Asset Protection (GAP) insurance. Firms have since been instructed to take immediate steps, showing that their customers are receiving fair treatment, with failure to do so potentially causing them to face additional actions under the Consumer Duty. We could possibly see the first wide spread action taken by the FCA, directly in relation to the Consumer Duty, soon if firms fail to act. More of this story to come as it unfolds in 2024!
Introducing Our Comprehensive Guide: Consumer Duty in Focus
With the focus of the FCA (and in some ways the SM&CR) being shifted towards the Consumer Duty, we are thrilled to present our latest resource – a 100-page guide that delves into the intricacies of Consumer Duty. Our guide aims to help you understand what is required of you, your business and what sort of processes are needed to be in place for the evolving landscape of consumer protection. Download your copy here and learn to navigate the complexities of consumer duty with confidence.
Reflecting on 2023: The New features of Corterum
2023 saw a lot of changes to our platform, ranging from small quality of life improvements to whole new modules, such as the Management Responsibilities Map and Consumer Duty. Join us with our Year in Retrospect video, as we summarise all the new improvements included within the past 12 months, and see what we have achieved with our collective efforts.
Free Trial of Corterum
We are now happily able to offer a free trial of Corterum, providing you 3 months to test out our platform for free. If you are unsure which compliance solution is best for you, or you were thinking of starting to use one, then look no further and try Corterum today. Coupled with our new tool to import your senior managers directly from the FCA registry, you can begin using the system in a live environment straight away. If you want to know more about this, please get in touch and we can help guide you through and get using Corterum right away.
Thank you for being an integral part of our journey. Here’s to a year filled with growth, success, and continued collaboration. Welcome to 2024!
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