FCA issues insurers mandatory survey on non-financial misconduct

The FCA has issued a notice requiring regulated Lloyd’s Managing Agents, London Market Insurers (including P&I Clubs), and Lloyd’s and London Market Insurance Intermediaries (and Managing General Agents) to complete a survey regarding incidents of non-financial misconduct in their firms. The survey itself has not been published.

This action stems from concerns about the lack of inclusive culture and the need to address issues like discrimination and harassment within the financial services sector. The survey aims to gather information on the volume, types, detection methods, and actions taken regarding non-financial misconduct incidents. While completion of the survey is mandatory, the FCA acknowledges challenges in data accessibility and encourages firms to communicate any difficulties. The survey does not seek specific allegations but rather aggregated statistics. Confidentiality of individual firm responses will be maintained, though some aggregated data may be published.

Firms must complete the survey by COB 5 March 2024. Failure to comply may result further FCA action, including financial penalties.

FIN. Team