Stark shortfall in fair value assessment requests from insurers
In a compliance webinar hosted by Kenneth Underhill, director of Implement Compliance Solutions and Resources, 76% of approximately 120 participating co-manufacturers and distributors said they had not received a fair value assessment from their manufacturer ahead of the FCA’s deadline of 30 September.
Underhill stressed that if the fair value assessment is not completed by the deadline the Financial Conduct Authority could cease the distribution of the manufacturer’s products.
Last month the FCA revealed that one-in-three insurers are leaving the fair value assessment to the last minute causing a risk of harm to consumers.
The regulator’s insurance director Matt Brewis expressed his disappointment on the lack of progress made and stated that it falls short of the authority’s expectations.
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