PwC comments on FCA's plans to change insurance rulebook

Commenting on today's FCA proposals for the insurance market, Alex Bertolotti, PwC UK Insurance Leader, said:

"The FCA’s move to simplify the rulebook for insurers is a welcome step in advancing the UK’s competitiveness agenda, building on the direction set in its five-year strategy. While proposals to ease the compliance burden – including changes to Consumer Duty scope and reporting requirements – will be well received, the most significant impact is likely to be felt in the commercial space, particularly through the widened carve-out for commercial products. For retail and SME markets, changes may be more limited and nuanced. But firms shouldn’t lose sight of the fact that regulatory simplification doesn’t change expectations: delivering good outcomes for UK customers will remain a priority for the FCA."