Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial Conduct Authority definition

What does Financial Conduct Authority mean? The Financial conduct authority (fca) is the UK’s statutory conduct regulator for financial services and markets. In legal practice it is central to FCA authorisation and permissions, compliance with the FCA Handbook (including the Principles for Businesses, SM&CR and the consumer Duty), market conduct obligations and enforcement risk. Established by amendments to the Financial Services and Markets Act 2000 (FSMA) made by the Financial Services Act 2012, the FCA replaced the Financial Services Authority in April 2013. It makes rules, supervises firms, and investigates and enforces breaches. The FCA is the conduct regulator for all authorised firms...

FCA ICOBS 7–8 overview: UK insurance cancellation rights, claims handling standards, motor and employers’ liability obligations

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note summarises the principal elements of the FCA’s Insurance: Conduct of Business sourcebook (ICOBS) that address cancellation rights and the handling of claims, with particular reference to ICOBS 7 and ICOBS 8.

Implementation of the Insurance: Conduct of Business sourcebook (ICOBS)

ICOBS took effect on 6 January 2008 under the Financial Services Authority (FSA), then the FCA’s predecessor, supplanting the former Insurance: Conduct of Business sourcebook (ICOB). Its key reform shifted supervision away from detailed, prescriptive rules towards a principles-led, outcomes-focused approach. Accordingly, ICOB’s detailed provisions were streamlined where the FSA considered bespoke consumer protections unnecessary. Subsequent updates have followed, most significantly to give effect to the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD), implemented in the UK from 1 October 2018. Despite the UK’s withdrawal from the EU, and the transfer and replacement of certain assimilated IDD measures within domestic legislation, regulatory continuity for insurance activities has been broadly maintained. For further background on ICOBS’s implementation and the classes of insurance it covers,...

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Web page updated on 21/05/2026

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