Regulatory Alerts2018-12-18
General Insurance Thematic Review 2018: Customer Fair Treatment
The Guernsey Financial Services Commission issued a 2018 thematic review assessing whether licensed general insurance intermediaries treat customers fairly and comply with the new Code of Conduct for Authorised Insurance Representatives. The review, which utilized industry questionnaires, public surveys, website audits, and onsite visits, found that while most firms are making genuine efforts to comply, standards vary significantly across the sector. The Commission requires licensees to identify specific weaknesses in areas such as disclosure, culture, and complaints handling to implement material positive changes and improve overall customer experience.
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