BMR Compliance

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

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...

During these unprecedented times, some things will remain a constant! BMR will still be supporting all of our clients during these uncertain times.  Due to most clients now requesting we do this on a remote basis, we will still conduct your usual reviews and provide...

As the holiday season approaches, we often start looking for something to read for when we’re sat on the beach or around the pool. So, here’s some good reading material. The FCA have updated their webpages on SM&CR for solo-regulated firms with even...

As you are no doubt aware the definition of small business has changed in the FCA Complaints Source book (DISP). This now includes o Charity which has an annual income of less than £6,500,000 at the time the complainant refers the complaint to the firm o Trustee...