G MASS Consulting
Consumer / Conduct Risk - Wordings Review Consultant
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Role Overview
G MASS is acting in support of a Lloyd's managing agent client who requires specialist consultant resource to assist with a Consumer / Conduct Risk wordings review programme. This engagement sits within the client's broader conduct and compliance framework and has been initiated in response to increasing regulatory scrutiny around the fair treatment of customers and product governance obligations in the Lloyd's and London Market.
The assignment has been structured as a specialist contract engagement, with the successful individual expected to work closely with the client's underwriting, legal, and compliance functions to assess, review, and where necessary recommend amendments to policy wordings from a Consumer / Conduct Risk perspective.
The Wordings Review Consultant will be engaged to deliver a structured, risk-based review of the client's policy wordings portfolio, assessing alignment with FCA Consumer Duty obligations, Lloyd's Minimum Standards, and applicable conduct risk frameworks. The individual will be expected to operate as a subject matter expert, providing clear and commercially aware recommendations that support the client's regulatory obligations and end-customer outcomes.
Key Responsibilities
- Review and assess insurance policy wordings against FCA Consumer Duty requirements, Lloyd's conduct frameworks, and applicable regulatory guidance, identifying areas of potential customer detriment or non-compliance
- Evaluate product documentation — including policy wording, summary of cover, and key information documents — for clarity, fairness, and alignment with intended customer outcomes
- Assess wordings for ambiguity, exclusionary language, and terms that may present conduct risk exposure, particularly in relation to vulnerable customer cohorts
- Provide written recommendations and red/amber/green assessments of individual wordings, with clear rationale supporting any proposed amendments
- Liaise with underwriting, legal counsel, and compliance stakeholders to ensure recommendations are technically sound and commercially viable
- Support the drafting or redrafting of wordings where remediation is required, working in collaboration with internal or external legal resource
- Maintain clear audit trails of the review process, findings, and agreed actions in line with Lloyd's Minimum Standards and internal governance requirements
- Provide periodic progress reporting to the Head of Conduct / CCO or equivalent, flagging material risks or escalation points as they arise
- Where required, contribute to the development of a conduct risk wordings framework or policy to support ongoing compliance beyond the initial review
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Requirements
- Demonstrable experience in insurance policy wordings review, with a focus on Consumer / Conduct Risk — ideally within the Lloyd's or London Market
- Strong working knowledge of FCA Consumer Duty requirements and their practical application to insurance product documentation
- Familiarity with Lloyd's Minimum Standards, particularly those relating to conduct, product governance, and customer outcomes
- Experience engaging cross-functionally with underwriting, legal, and compliance teams in a regulated insurance environment
- Ability to produce clear, well-structured written analysis and recommendations suitable for senior stakeholder review
- Commercially aware — able to balance regulatory obligation with the practicalities of product design and market positioning
- Proven ability to operate as an independent contractor or consultant, managing workload and priorities with minimal supervision
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Desirable
- Prior Lloyd's syndicate or managing agent experience, whether in-house or in a consultancy / advisory capacity
- Background in legal, compliance, or technical underwriting roles with exposure to conduct risk frameworks
- Experience of FCA thematic review processes or prior engagement with Lloyd's conduct supervisory activity
- Familiarity with product governance frameworks and their application to binder / delegated authority business
- Exposure to vulnerable customer guidance and its application to policy documentation
Benefits
- Competitive salary
- 6-month initial contract
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