FCA confirms rule simplification for insurers to reduce expenses

The UK’s Financial Conduct Authority (FCA) has confirmed changes aimed at simplifying its insurance rules and reducing expenses for insurers, while preserving suitable protection levels for smaller commercial customers. This move is designed to provide “flexibility and responsibility” to insurance companies, allowing them to determine how often they review their products and how much continual professional development (CPD) is undertaken by staff. The FCA has indicated that further adjustments will be ma ...