The FCA has published its Business Plan for 2016/17 which sets out its programme of work for the coming year. There is no new work planned for the GI sector, but work will continue on existing GI priorities including:
- Completion of the thematic review of general insurers’ oversight of their Appointed Representatives in Q2 2016, with the findings to be published later in the year
- Following the FCA’s call for input on how Big Data is being used in the GI sector at the end of 2015, they will publish information on their findings and next steps during Q3. This could take the form of a market study or an alternative approach.
Seven priority areas have been identified which the FCA will use to drive their decisions about thematic projects and market studies during 2016/17.
These are largely unchanged from last year, but with the addition of wholesale markets and the provision of advice as priority areas. Further details on each of these areas and their potential impact is out below: