FCA fines insurer £5+ million for outsourcing failures

Published: Oct 31, 2018

The regulator has fined a large UK insurer for failures in its oversight of claims and complaints handling processes, which were outsourced to a third pary administrator. The Final Notice highlighted a number of weaknesses, including:

  • failure to "undertake an adequate risk assessment, review or adequately plan for ongoing monitoring"
  • "lack of oversight from the Board and senior management on the development of conduct risk controls"
  • "delegated compliance oversight to a function that lacked the resources and expertise to understand the nature of the risks and what would be needed to mitigate them"
  • "inadequate processes being in place for ensuring that complaints were dealt with fairly, impartially and consistently".

You can benchmark your organisation's approach and procedures in these areas by attending our highly relevant and timely courses:

Outsourcing in Financial Services

Risks, Controls and Oversight by the Board

Compliance Monitoring

Risk MI & Reporting

Managing Conduct Risk

Handling Complaints under DISP (new date to be confirmed).

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