Regulation

Vulnerable Customers are an important factor in our industry as we strive to do the best for our customers and treat them fairly.

It’s become such a hot topic that it is now high on the FCA radar as they look to examine how vulnerable customers are treated by the insurance industry.

The IDD Consultation Paper is one of the most important for the insurance broking profession and the industry generally for quite some time.
It is clear that as a profession we let the FCA down by responding very poorly to the Renewal Transparency Consultation.
It is vital that we learn our lesson and respond to this CP in force, by giving feedback, where appropriate, to the IDD Consultation.

A 'how to' guide to explain why staff supervision is so important, and what represents 'best practice' in terms of monitoring staff, gathering evidence, and keeping records.

Strong business planning and forethought is vital to ensuring that a truly defined customer centric culture is established and maintained.

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Document (IDD), that is one of the mechanisms for meeting the FCA’s regulatory disclosure requirements, will be withdrawn in its current form by the regulator and CANNOT be used after that date.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.

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