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.

(Source: LMA Updates Consumer Wordings Guidance v2.0)