A statutory duty of care for insurers would be too unwieldy

06 Jan 2020

BLM's Alistair Kinley and Lucy Tolond write for Insurance Day and discuss whether a statutory duty of care should be introduced for regulated firms as we await the new paper from the Financial Conduct Authority (FCA).

Looking back at the previously published FCA Discussion Paper and Feedback Statement, it explored (as part of its statutory objective to secure an appropriate degree of protection for consumers) whether the existing Principles for Business are sufficient or applied effectively enough to prevent customer detriment/harm, or if a new specific duty might need to be introduced. 

Alistair and Lucy state, "The majority of stakeholders do not support a statutory duty, whether actionable at common law or not. The suggestion is that the Senior Managers & Certification Regime, in conjunction with the existing principles for business, is already bringing about the change needed and amounts to a sufficiently robust duty on firms."

To read the full article online as published by Insurance Day (subscription required) please click here.

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

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Alistair Kinley

Alistair Kinley

Director of Policy & Government Affairs,
London


Lucy Tolond

Lucy Tolond

Partner,
London


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