In addition to the Financial Conduct Authority's principles, where must firms comply with further guidelines?

Firms must comply with the Insurance: Conduct of Business sourcebook (ICOBS) because it provides specific regulations and standards that govern how insurance firms should conduct their business operations. This sourcebook outlines the conduct standards required to ensure that firms operate fairly and transparently in their dealings with clients, thereby promoting consumer protection and maintaining confidence in the insurance market.

ICOBS addresses various aspects of business conduct, including the treatment of customers, disclosure of information, and the handling of claims and complaints. It supplements the principles laid out by the Financial Conduct Authority by detailing how firms should implement these principles in practical scenarios. Adhering to these standards not only helps firms avoid regulatory breaches but also reinforces their commitment to ethical practices and customer satisfaction in the insurance industry.