Regulatory Alerts2025-05-13
Added · Updated
CP26/22: Simplifying the insurance rules
The Financial Conduct Authority proposes narrowing the scope of the Insurance Conduct of Business Sourcebook (ICOBS) and Product Intervention and Governance Sourcebook chapter 4 (PROD 4) so that detailed conduct requirements apply only where there is a clear UK connection based on the customer’s habitual residence or the location of the risk. The proposals also remove duplicative disclosure requirements across ICOBS, increase flexibility in disclosure methods including digital channels, simplify rules for advised sales by removing references to advice without personal recommendations, and amend the currency denomination for minimum professional indemnity insurance levels from euros to pounds Sterling. These changes are presented as optional for most areas, with the territorial scope amendments being mandatory, and comments are requested by 4 September 2026.
More like this from FCA
FCA published 5 documents in the last 30 days. We email you each new one the day it's published.