FCA updates on insurance pricing

FCA has updated its website on general insurance pricing practices, to include information on application of PROD to products distributed through distributors based outside the UK and intended for non-UK customers. FCA is considering industry concerns about the difficulty in getting information from non-UK distributors for the purposes of the fair value assessment. While it is doing this, and where products are sold through overseas distributors to exclusively non-UK customers, FCA expects manufacturers to be taking reasonable steps to conduct fair value assessments when they cannot get information from distributors, including using data they already hold.  It does not expect them to report this as a breach of PROD 4.2

Emma Radmore