Which customers do the FCA's Insurance: Conduct of Business (ICOBS) Rules apply to?

The FCA's Insurance: Conduct of Business (ICOBS) Rules are designed to govern the conduct of insurance businesses in their dealings with a broad range of customers. This includes both consumer customers—who are typically individuals looking for personal insurance products—and commercial customers, which consist of businesses seeking various types of insurance coverage for their operations.

By applying to both sectors, the ICOBS Rules ensure that all customers, irrespective of their type, are afforded protection and that insurance businesses adhere to high standards of transparency, fairness, and conduct. This dual applicability reflects the FCA's intent to promote consumer protection across the insurance market while also ensuring that businesses are treated fairly in their interactions with insurers.

The inclusion of both consumer and commercial customers helps to create a balanced regulatory framework that can adapt to the diverse needs of the insurance market, thereby enhancing the overall integrity and effectiveness of the insurance industry.