LMA has updated its Consumer Wordings Guidance to assist managing agents with the practicalities of drafting new consumer products and/or adapting existing commercial wordings to produce consumer versions. LMA has updated the guidance to reflect:
- guidance on the effects of the Consumer Rights Act 2015;
- an update to the Statutory Status Disclosure;
- an update on the jurisdictional reach of FCA;
- clarification regarding cooling-off periods; and
- the Lloyd’s updated Consumer Complaints Procedures.