Regulation

In newly published PS16-19, the regulator has decided to exempt all general insurance firms from this reporting requirement.

Despite being called the Third Parties (Rights Against Insurers) Act 2010, this did not come into force until 1 August 2016 and replaces an older act from 1930.

The Financial Conduct Authority (FCA) has recently produced a Guidance Consultation on what regulated firms should do when considering outsourcing.

Although the essence of the MIFID II Delegated Acts affects mainly the investment sector, one message contained within will reverberate within the GI space, namely inducements and the importance of assessing whether an inducement, if accepted, has a demonstrable effect on the delivery of service and does not benefit the recipient at the expense of the customer.

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.

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