Regulation

A gentle reminder, that with effect from 27th March 2017, the Initial Disclosure Document (IDD), that is one of the mechanisms for meeting the FCA’s regulatory disclosure requirements, will be withdrawn in its current form by the regulator and CANNOT be used after that date.

As someone who has a vulnerable close relative, I have seen first-hand how a robust vulnerable customers policy can make dealing with utilities and banking a lot less stressful for all involved (both for the vulnerable customers and their families).

The first two Aviva / RWA Masterclasses have been a great success and the fact that members of the FCA supervision team joined us as presenters just heightened the quality of the debate and information flowing from speaker to delegate and back.
The FCA speakers are joining us for two more sessions in Birmingham on the 21st March, and Bristol on the 23rd March, and Aviva has found us five more places at each.
If you would like to attend either the Birmingham or Bristol Masterclass events, please submit your details via the online form (link in article).
The Financial Conduct Authority (FCA) will expect you and your firm to not only have formal processes, which are fully documented for all your business activities, but also to demonstrate how you measure and carry out effective governance.
This would include a full business plan covering not just plans for the firm in the short and medium term, its financial goals and associated matters, but how it will meet its regulatory and governance responsibilities and how these will be addressed.
The FCA wants to ensure that your firm is going to have a long-term future and be around for many years to continue serving your clients.

The long-awaited Consultation Paper CP 17/7 has now been issued. This is your chance to help with the other members of the insurance broking profession to shape the future of regulation. If you wish us to include your feedback in the response to the FCA, then please contact RWA.

Are you ready for the April 1st Changes?

We are taking this opportunity to remind all firms that they must ensure that their Consumer Renewal Processes are revised by 1st April to ensure that the previous year’s premiums are shown and that one of the two ‘shopping around’ messages are included in a prominent place.

Debt Management, Debt Counselling and / or Credit Repair Services

If you do and only hold relevant general insurance permissions, then you are going to have to make a new appointment to your Approved Persons.

Not an obvious choice for a compliance briefing, but this new legislation may have serious implications for general insurance brokers and all firms who provide a financial service.

From 7th March 2017, banks and insurers will be required to comply with the requirement to issue mandatory regulatory references. Financial Services practitioners have been issuing regulated references for years, but does it have any impact on brokers?
Well yes, almost certainly because it is expected that these rules will be rolled out to all PRA and FCA authorised firms in due course, although a firm date has yet to be set.

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