Webinar: ICOBS - are you sure you are doing enough to ward off PI claims?
It is very clear from the FCA’s ground-breaking test case on the failure of insurers to pay out on non-damage business interruption insurance claims that many of them cite the clear accountability of brokers in the consideration of clients’ demands and needs, the advice that they gave and the explanation as to what is and is not covered.
Whilst the judgement won’t be handed down by the time of this webinar there is an immediate exposure to brokers with the costs of PI cover going through the roof and the potential for claims to be made against brokers should the FCA not secure a conclusive win. This one hour event will highlight the issues for brokers all of whom will have arranged these covers for clients (and some will be classed as co-manufacturers under PROD) and encourage them to reassess their advice process under ICOBS and their overriding professional duty to clients.
Learning objectives - by the end of this webinar you will gain insights into:
- The threat to brokers in terms of the advice process;
- ICOBS and how to ensure your sales process is robust (demands and needs, suitability, advice/personal recommendation, explanation of cover and summaries of cover)
- Other ICOBS and IDD requirements - compulsory training, marketing materials, product oversight and governance, conflicts of interest and what constitutes regulated introducing activity.
It is particularly relevant to all broker client-facing staff and the firm’s senior managers and anyone with an interest in general insurance.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.