Weekly News Roundup – 22nd September

The FCA has written to all insurance firms to remind them to continuously assess their products for fair value, as part of their ongoing work under the Consumer Duty regime. In an attempt to close the climate resilience protection gap in small island developing nations, Lloyd’s has teamed up with a UN task force to build innovative insurance products.

FCA warns insurers on consumer outcomes (Source: Insurance Today)
The regulator has reminded firms of their responsibility in providing fair value products to customers.

UK brokers are embracing AI with cautious optimism – survey (Source: Insurance Business Magazine)
A study from RSA has revealed that 80% of the brokers surveyed “already use AI in their day-to-day operations”.

Lloyd’s and the UN team up to provide insurance to climate vulnerable countries (Source: Insurance Journal)
The two organisations vow to “work together to build insurance products for financial resilience against climate shocks”, with an initial focus on the Pacific

Britain must not damage financial sector resilience, says BoE’s Woods (Source: Reuters)
The Bank of England’s Deputy Governor warns that regulators must put “a stable and resilient financial system” above removing bureaucracy and promoting innovation.

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