The Monetary Conduct Authority has discovered many corporations have to make enhancements of their monitoring to allow them to find out whether or not they’re delivering good outcomes for retail clients, as required by the Shopper Responsibility.
Final December the watchdog requested 20 bigger insurance coverage corporations, together with suppliers and brokers, for key info.
The companies needed to present how they monitor, assess, and check the outcomes clients are receiving, together with actions taken after figuring out poor outcomes.
The assessment was targeted on outcomes monitoring solely and didn’t embody any evaluation of underlying processes.
Practices
In an replace right now the regulator reported discovering “all kinds within the high quality of responses by corporations
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