Supervision Strategy - FCA's new supervision strategy for GI brokers
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:-
1. Firms’ response to covid;
2. Governance and oversight;
3. Bedding in of SMCR to incl Conduct Rules for all staff;
4. Incentive arrangements incl remuneration for firm and staff;
5. Business models incl distribution chains, product oversight and design, sales and renewals, conflicts of interest and ARs;
6. Uncertainty brought about by the BI court case and handling of claims, complaints and ongoing communications;
7. 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.
Tue 16 Mar 2:00 pm – 3:00 pm
Branko Bjelobaba FCII, MIoD ,
President's Message
The Insurance Charities Golf Day
Due to the current uncertainty around events and gatherings, the Insurance Charities has taken the difficult decision to cancel this year’s annual golf tournament.
However, they are pleased to announce that a new date is scheduled for next year on Wednesday 15th September. Once again they will be returning to The Warwickshire Golf & Country Club in Leek Wootton.
If you would like to reserve a place as a team (four-ball) or individual please get in touch.
If you are interested in sponsorship or donating a raffle prize please contact their Marketing Manager Victoria to discuss.
www.theinsurancecharities.org.uk
Tel: 020 7606 3763
Thu 6 Aug. 2020
Financial Aspects of FCA Compliance
Critical financial rules for GI brokers’ FCA compliance.
This comprehensive and interactive webinar will focus on the critical financial aspects of FCA rules - overall business solvency (compliance with adequate resources Threshold Condition 2.4), professional indemnity requirements/limits/issues (incl covid cover) and the onerous client money handling rules under CASS 5.
The FCA has had deep concern with brokers’ financial resilience and has issued several surveys on this plus client money handling arrangements culminating with the Dear CEO letter of 30 September 2020.
Tue 23 Feb 2:00 pm – 3:00 pm
Branko Bjelobaba FCII, MIoD ,
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