FCA Dear CEO letter on non-financial misconduct in wholesale general insurance firms

Regulatory Updates | 06/01/20

The Financial Conduct Authority (FCA) has published a Dear CEO letter setting out the FCA’s expectations of how general insurance firms address non-financial misconduct. The letter follows the Prudential Regulatory Authority (PRA)’s Dear CEO letter of November 2019, which addressed revelations of sexual harrassment and bullying in the market. The FCA states that it expects firms and senior managers to embed healthy cultures by identifying and modifying the key drivers of their culture, focusing on the four key drivers of culture: leadership; purpose; approach to people management and reward; and governance, systems, and controls.