SPRING
APRIL 2020
COMPLIANCE NEWSLETTER
SPRING COMPLIANCE NEWSLETTER // APRIL 2020
hello. and welcome... ...to the Spring edition of the Compliance Newsletter. It has been a few months since SM&CR came into force, and we hope that our dedicated toolkit, helpful tips, informative articles and webinars have got you off to a flying start when it comes to the new regulation. As always, your dedicated Risk and Compliance Consultant or the Compliance Helpdesk are there to help should you have a question at anytime about SM&CR.
We also look at the five things you should be considering if you’re looking to acquire, as well as how the Brexit implementation period impacts you and your clients; plus, much more.
In this edition of the Compliance Newsletter, we are focusing on FCA rules and findings. The team are sharing their advice on why it is important to make sure your company’s details are up to date with the FCA; how the General Insurance Distribution chain affects you; and what you need to do when it comes to Non-Financial Misconduct.
Donna Walker.
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We hope you enjoy the read. Yours,
DONNA WALKER Head of Member Risk & Compliance Management
COMPLIANCE NEWSLETTER | VISIT HUB.BROKERNETWORK.CO.UK
meet the team.
emma goodison File Auditor
Click here to read more about IDD
COMPLIANCE NEWSLETTER | VISIT HUB.BROKERNETWORK.CO.UK
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SPRING COMPLIANCE NEWSLETTER // APRIL 2020
don’t for WHEN WAS THE LAST TIME YOU REVIEWED YOUR COMPANY’S DETAILS?
Have you updated your details on the FCA’s Connect portal? As of 31st January, businesses that come under Sup 16.10 reporting requirements, which includes brokers, have to check, amend or confirm the accuracy of their firm’s details annually, using the Connect system.
Click here to find out more
THE FIVE THINGS TO CONSIDER WHEN ACQUIRING Understandably, acquisitions mean a significant change for any company – both for the business making the purchase and the business being bought. If you are making an acquisition, once you find a business that aligns with your goals and culture, we’d urge you to do your research and make sure you know exactly what you’re getting. We’ve put together five things you should consider when integrating an acquisition into your firm.
SMCR - WHAT SHOULD YOUR BROKERAGE HAVE IN PLACE? Click here to read our top tips
DO YOU KNOW HOW THE BREXIT IMPLEMENTATION PERIOD AFFECTS YOU? In October 2019, the UK and the EU agreed a Withdrawal Agreement covering the terms of the UK’s departure from the EU. This is now in the process of being ratified by the UK and EU Parliaments in order for it to take effect, but do you know how it will impact you and your clients?
Click here to find out more
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COMPLIANCE NEWSLETTER | VISIT HUB.BROKERNETWORK.CO.UK
get... WHAT IS NON-FINANCIAL MISCONDUCT? Winston Churchill said: “The price of greatness is responsibility”. And, if you are the Director or Principal at your brokerage, tackling Non-Financial Misconduct is your duty. Following the FCA’s ‘Dear CEO’ letter, there are now publicised incidents of this in the general insurance sector.
Click here to read more about what your brokerage needs to do
DOES YOUR BUSINESS TICK THE GOOD REPUTE BOX? Following IDD, how does your firm ensure that everyone in your management structure and anyone directly involved in insurance distribution activities are of good repute?
Click here to read more on how to ensure good repute is met
COMPLIANCE NEWSLETTER | VISIT HUB.BROKERNETWORK.CO.UK
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SPRING COMPLIANCE NEWSLETTER // APRIL 2020
HAVE YOU ?
FCA ADMITS DATA BREACH The FCA has released a statement confirming that it made a mistake after publishing certain underlying confidential information on its website, which may have been accessible to the public.
Click here to read more
HOW THE GENERAL INSURANCE DISTRIBUTION CHAIN AFFECTS YOU During 2017 and 2018, the FCA conducted diagnostic work on General Insurance Distribution Chains. The result of which found several processes that were detrimental to customers due to failures in product design, oversight and distribution. The finalised guidance is now available on the FCA website.
Click here to read more
NEW SIGNPOSTING RULES FOR CUSTOMERS WITH PRE-EXISTING CONDITIONS The FCA is introducing new signposting rules and guidance to help consumers with pre-existing medical conditions (PEMCs) better navigate the travel insurance market. The aim is that it will make insurance policies more affordable for them.
Click here to read more about how it could impact your firm
IS YOUR TRADING NAME SOUND? The use of a trading name has become common place these days. However, have you considered what is and isn’t acceptable to the regulators?
Click here to find out whether your name fulfils the requirements
compliance newsflash The FCA has confirmed that the award limit for the Financial Ombudsman Service (FOS) has increased from 1st April to reflect a change in the figures set out in the January 2020 Consumer Prices Index (CPI).
As a result, the award limit for complaints referred to the FOS on or after 1st April about acts or omissions on or after 1st April 2019 will increase from £350,000 to £355,000. There will be no changes to any of the other limits.
Please note, the handbook table in DISP 3.7.4R will be updated to reflect the increased limit.
COMPLIANCE NEWSLETTER | VISIT HUB.BROKERNETWORK.CO.UK
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need help? Get in touch with the Compliance Helpdesk on compliance@brokernetwork.co.uk
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