Freeths
13 Experts
2 Contributions by Freeths
PRACTICE NOTES
This Practice Note explores how the Financial Conduct Authority’s (FCA) Consumer Duty affects insurers, touching in particular on key matters such as claims handling, methods for calculating and setting premiums, the appropriateness of policy wordings, and the role of third parties. It also flags important regulatory movements (including supervisory reviews) that bear on insurers’ roll‑out of the Consumer Duty. For an overview of the core components of the FCA’s Consumer Duty, see Practice Note: The FCA Consumer Duty—essentials. For commentary on what the Consumer Duty means for insurance intermediaries, see Practice Note: The FCA Consumer Duty—implications for insurance intermediaries. For a record of key milestones associated with the FCA’s Consumer Duty, see: The FCA Consumer Duty—timeline.
Claims
For insurers, claims handling is expected to be a prime area of FCA attention when evaluating compliance with the Consumer Duty. The reason is that, in reality, it is at the
Insurance & Reinsurance
PRACTICE NOTES
This Practice Note explores the ramifications of the Financial Conduct Authority’s (FCA) Consumer Duty for insurance intermediaries, covering the assessment of fair value in insurance products, the FCA’s expectations for rollout, and a range of intermediary-specific considerations linked to scheme policies, placing and producing brokers, claims handling and renewal activity, broker remuneration and potential insurer conflicts. It also signposts key regulatory developments (including supervisory reviews) that are pertinent to intermediaries’ delivery of the Consumer Duty. For an overview of the core components of the FCA’s Consumer Duty, see Practice Note: The FCA Consumer Duty—essentials. For commentary on what the Duty means for insurers, see Practice Note: The FCA Consumer Duty—implications for insurers. For significant milestones on the Consumer Duty, including go-live dates, see: The FCA Consumer Duty—timeline.
FCA’s reviews into value measures
Under the Consumer Duty, firms must achieve and test four outcomes, which include
Insurance & Reinsurance
21 Contributions by Freeths Experts
PRECEDENTS
Introduction
Where a business tenant seeks a tenancy renewal under the Landlord and Tenant Act 1954 (LTA 1954) and the landlord does not contest the application, the correct vehicle is Form LT503(LN). These drafting notes accompany, and should be used solely with, Form LT503(LN). The form is available here: Form LT503(LN). It is for situations where renewal is unopposed by the landlord and should be used for that purpose only.
Other precedents
For relevant precedents, consult:
Directions—unopposed LTA 1954 business lease renewal
Acknowledgment of service by tenant in unopposed claim by landlord for new tenancy: Atkin’s Court Forms, Vol 24(2) [158]
Acknowledgment of service by landlord in unopposed claim by tenant for new tenancy: Atkin’s Court Forms, Vol 24(2) [157]
General points
These notes are intended to help with completing Form LT503(LN), being the claim form used when a tenant of commercial premises seeks a renewal under the LTA 1954 and the
Property Disputes
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