Regulation

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.

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.

Get RWA Insight In Your Inbox

Regular business news and commentary delivered direct to your inbox each week. Sign up here