Webinar - FCA's new supervision strategy for GI brokers

The Insurance Institute of Cardiff invite you to a webinar on FCA’s new supervision strategy for GI brokers

Event Details:

Thursday 11^th March 2021 – 10:00 – 11:00am

The webinar will be run via Zoom, a global web-conferencing solution. Zoom is easy to use, a link and joining instructions will be sent to you prior to the webinar.

About the session:

In the FCA’s Dear CEO letter of 4 September 2020 they set out a new supervision strategy for GI brokers as they believe customers are buying unsuitable or poor value products and that insufficient or unclear information is being provided at point of sale and inappropriate sales tactics are the biggest contributors of customer harm.

Whilst the letter covers everything below the one hour event will focus on the following:-

• Firms’ response to covid;
• Governance and oversight;
• Bedding in of SMCR to incl Conduct Rules for all staff;
• Incentive arrangements incl remuneration for firm and staff;
• Business models incl distribution chains, product oversight and design, sales and renewals, conflicts of interest and ARs;
• Uncertainty brought about by the BI court case and handling of claims, complaints and ongoing communications;
• Brief reminder - EU withdrawal + actions that should have been taken by 31/12/20.

It is very clear from the FCA’s pronouncements on vulnerable customers and pricing that more work is to come for brokers and insurers alike.

Learning Objectives

• The FCA’s new supervision strategy for GI brokers;
• 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 relevant ICOBS and IDD requirements to include compulsory training, product oversight and governance and conflicts of interest.

It is relevant to all client-facing staff and the firm’s senior managers at broking firms, insurers and anyone with an interest in GI.

About the speaker:

Branko Bjelobaba FCII has worked for 33 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 17 years. He works closely with AMII (retained compliance consultant since 2004), BIBA and the CII and has provided many well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.

Further information.

A link will be sent via your email address supplied the day before the webinar. PLEASE DO NOT share this with anyone else.

Please note that this webinar will be hosted on the Zoom platform which may be restricted by some employers. Members may need to utilise their own personal devices in these circumstances to access the platform.