The FCA said this would cut down on duplication <\/strong>and reduce the chance of conflicts with regulation already in force overseas. Even so, higher-level requirements would remain, including the Principles, aside from the Consumer Duty, along with rules under the Senior Management Arrangements, Systems and Controls sourcebook.<\/p>\n\n\n\n Christopher Croft<\/a>, chief executive of the London and International Insurance Brokers’ Association, welcomed this element of the package. He said it formalised a position the FCA had already indicated to Liiba informally, namely that its conduct and product governance rules do not apply to overseas business. Croft added that this “considerably reduces the regulatory burden” on members who work largely in international markets, calling it a boost to London’s competitiveness.<\/p>\n\n\n\n The second strand of the consultation focuses on disclosure. The FCA <\/a>wants to strip out requirements it considers duplicative or of limited value, including elements such as ICOBS 4.2, on the basis that lengthy boilerplate does little to help customers understand what they are buying.<\/p>\n\n\n\n Sarah Brook<\/a>, a financial services partner at law firm CMS, described the reduction in mandatory disclosures as the “core benefit” of the package, noting that many such requirements have come to be seen as a box-ticking exercise<\/strong> rather than something that genuinely helps customers. Firms would also gain more flexibility in how they deliver information, including wider use of digital channels, though customers would still be entitled to receive information in a durable medium suited to their needs, or on paper if they ask for it.<\/p>\n\n\n\n![\"\"](\"https:\/\/en.econostrum.info\/uk\/wp-content\/uploads\/sites\/6\/2026\/06\/FCA-narrows-territorial-scope-of-insurance-rules-for-overseas-business-\u00a9Shutterstock-1200x727.jpg\")
Cuts to Disclosure and a Shift in Tone<\/h2>\n\n\n\n