Change to GABRIEL Section J Reporting

RWA has been made aware of a change in the way certain income is reported on the Section J report, which asks for FCA, FOS & FSCS income.

This only applies to firms who transact pure protection business and the change is only for reporting FSCS income.

If this applies to you, prior to the change, you would have detailed the commission from such sales in line 3, column C, of the Section J return. This refers to Life Distribution & Pensions Intermediation. The relevant box has 'SC02' to the left which relates to the category applied by FSCS.

Following the change, you would simply add the figure relating to protection commission to the entry in line 2, Column C. This is for General Insurance Distribution and shows 'SB02' to the left of the box. So, this box now includes effectively all your commission.

The FCA has now updated the online help text to reflect the change.

Please speak to your RWA Business Manager if you have any questions.

About the author

Terence has over 35 years' experience in the Financial Services environment, covering general insurance, investments and mortgages.

Before joining RWA, Terence worked for a large PLC insurance brokerage in Manchester, overseeing some 20 acquisitions. He served as Compliance Director at RWA from 2011 to 2018 and has worked with insurance broking firms of all sizes across the UK. He has a particular interest in Financial Crime and the protecting the insurance broker. Terence previously served as Executive Chairman of the Association of Professional Compliance Consultants (APCC), the professional body for the compliance consultancy sector.

Get RWA Insight In Your Inbox

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