Regulation

The first CMA reporting statement is due from Insurance Brokers on 1 August 2016.

Last week's publication by the FCA on its thematic review of Appointed Representatives (ARs) has been much commented upon in the trade press this week.

Hopefully by now, all the changes in the various facets of the new complaints rules have been embedded in your procedures. So, it is a good time to address what has now become a common question. Is a negative review or comment on a social media site or similar review sites a complaint?

We have recently commented on the need to perform DBS checks on all new candidates for Approved Person status and noted the FCA expectation that such checks will be performed on an Enhanced basis.

For most general insurance brokers, new Approved Persons will be potential new directors or partners.

Over the years, I have been fortunate to be welcomed into businesses as a trusted coach, consultant and facilitator of learning interventions and process optimisation.

These new rules will replace the current data protection rules which go back to 1995. These new General Data Protection Regulations (GDPR) are designed to give individuals more control over their own private information.

As we know, it is a criminal offence to offer any financial service to a known or suspected terrorist. Hence the reason to ensure that all clients are subject to financial sanctions checks at new business and renewal stages.

RWA Solutions approached 300 of those firms with an anonymous 20 question survey and almost exactly 25% responded.

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