Regulation

It is the responsibility of every firm to ensure that their customers are treated fairly.

In his latest Insight article, Kirk Ford, business manager at RWA, provides a brief overview of the core principles, which are at the heart of a robust TCF framework.

This new legislation may have serious implications for general insurance brokers and all firms who provide a financial service.
We would urge all firms to review their systems and controls in these areas to ensure that they are screening all clients and are thus not exposed to any potential criticism or penalty.

 

RWA and The Aviva Development Zone will be at the BIBA Conference in Manchester on the 10th and 11th May 2017. Come and find us on Stand C64 and join our silver anniversary celebrations.

We have seen advertisements from some companies offering training courses to help prepare firms for 2018... Such courses at the moment would appear to offer little real value given the paucity of information available.

The bigger picture here is that it is incumbent on all members of the insurance broking profession to play their part in helping the FCA achieve their objectives.

2017 is going to be an interesting year for insurance brokers. Review RWA's top regulatory and compliance tips.

Culture and conduct reflect the underlying values and mind set of a firm, and as such, have a great influence on the behaviour of individuals within the firm. An effective culture is one that supports a business model, behaviours, and practices, that have fair treatment of consumers at their core. But it is senior managers who are ultimately responsible and accountable for the decisions that they not only make, but also oversee.

In RWA's position as one of the leading FCA compliance consultancies for the UK insurance broking profession, we are regularly made aware of issues and changes relating to FCA procedures. 

One recent example concerns the changes the FCA has made to the complaints section of the GABRIEL return. 

As part of our service to the general insurance broking community, we regularly prepare a digest of the most significant publications from the FCA. Given the volume of paperwork they produce, it can sometimes be difficult to see which is the most relevant to our sector.

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