Attesting Compliance With GI Pricing Practices Rules
Summary
In PS21/5, issued in May 2021, the FCA confirmed that senior managers would be required to attest annually that their firm has complied with its General Insurance (GI) Pricing Practices rules.
The regulator said these rules would help it hold firms and individuals to account on efforts to end ‘price walking’ for home and motor insurance.
In January 2022, the FCA sent out a survey to premium finance providers and firms with GI permissions to help them make their first annual confirmation.
Firms receiving the survey were required to respond in full, or provide a nil return, by 31 March 2022. After which, firms have been required to confirm their compliance each year via RegData.
Further details are available on the FCA website, along with copies of the forms firms need for making their annual attestations.