BMR Compliance

Providing bespoke, hands on compliance and training solutions to the General Insurance Industry

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It has come to our attention, that some regulated firms have received an email that appears to be from the FCA, using the email address; connect1@gabriel-fca.org.uk  (or any number after the word Connect) asking them to complete a due diligence questionnaire, which isn’t attached prompting...

The FCA has extended the maximum period firms can arrange cover for a Senior Manager without being approved, from 12 weeks to 36 weeks, in a consecutive 12-month period. The modification by consent to rule SUP10.3.13R is available to all solo regulated firms. It aims to provide flexibility to...

The FCA recently issued ‘Coronavirus and customer in temporary financial difficulty: guidance for insurance and premium finance firms. https://www.fca.org.uk/publications/guidance-consultations/coronavirus-customers-temporary-financial-difficulty-draft-insurance-premium Whilst the FCA are not seeking formal consultation on this, there is a deadline to feedback any issues by lunchtime Tuesday 5th May with the guidance coming into...

FCA seeks legal clarity on business interruption insurance alongside package of measures to help consumers and small businesses   We have announced this morning that we are intending to seek legal clarity on business interruption (BI) insurance to resolve doubt for businesses who are facing uncertainty on...

Today the FCA has published information clarifying how firms should handle complaints during the coronavirus crisis. You can find the information in full here. Summary Firms should take all reasonable steps to ensure as much complaint handling as possible continues through staff working from home, where this can be done fairly and effectively. We understand that firms’ capacity to handle complaints could be reduced as a result of coronavirus. We therefore expect firms to prioritise:
  1. paying promptly complainants who have been offered redress and accepted that offer
  2. the prompt and fair resolution of complaints from:
    1. consumers who are likely to be vulnerable to harm if their complaint is not resolved promptly and fairly, and
    2. micro-enterprises and small businesses who are likely to face serious financial difficulties if their complaint is not resolved promptly and fairly
  3. sending timely holding responses to those complainants in 2. where their complaints cannot be resolved promptly
If a firm cannot deliver these three priorities effectively, or sufficiently, through home working, then we consider it could be appropriate for the firm to maintain the minimal physical onsite presence needed to do so, provided that the site is configured for social distancing in line with Government guidelines.

The FCA advise that they have launched a pilot scheme with around 300 GI intermediaries, to collect data on their financial resilience during the current pandemic. They are unsure whether this will be extended, but they want to remind firms to have up to date emails...

The FCA have issued some General Insurance specific guidance for brokers, please click here to read the update. More importantly, they have issued a note on how Insurers should be handling the crisis, which I think is a must read. Please click here to view that...