Regulation

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.

Have your say on the future of the Financial Services Compensation Scheme levy

Now is your chance to have your say on the future of the FSCS. Don't sit back and hope for the best - make sure that you seize the opportunity to make your comments heard.

The FCA is inviting responses on a number of options for changing both the funding of the FSCS and the coverage it provides to consumers.

The FCA client money rules have not changed, but, it has gone largely unnoticed that your Client Money Auditor now has several new tasks to undertake as part of your client money audit, which will mean much closer scrutiny of your client money systems and controls.

When was the last time you checked your firm’s standing data? Anyone that has benefited from an RWA health check will recognise that question.

In December 2016, the FCA published the findings of a review of general insurance intermediaries’ professional indemnity insurance. As part of the review, the FCA contacted 200 firms to assess PII arrangements.

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