BMR Compliance

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

IDD Checklist With all FCA policy statements on transposing the Insurance Distribution Directive now published, firms can have a good idea of what changes are required to meet the requirements. You may wish to use the following checklist as an aide memoire.  Please note: this is...

The FCA advise that they are changing the ‘Standing Data’ option in Connect to ‘Firms Details’.  This is to make it more transparent that this is the option needed when you want to change information about your firm, e.g. address, contact numbers etc. This is likely...

General Insurance Intermediaries and Insurers PS18/1: Insurance Distribution Directive implementation We have published our third Policy Statement setting out near-final rules for the implementation of the Insurance Distribution Directive (IDD). This Policy Statement responds to the feedback we received to CP17/33 (our third IDD CP), as well as feedback on...

Financial Conduct Authority (FCA) will consult on proposals to make information available on a wider range of individuals at authorised firms. In July 2017, the FCA published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. Under these proposals, the FCA...

Transparency at renewal As everyone will remember, the FCA’s ‘Transparency at Renewal’ rules came in effect on 1st April 2017.  This brought in requirements such as showing the expiring terms as well as the renewal terms and advising the clients to ‘shop around’ if they had...

The Enterprise Act 2016 The Enterprise Act was given royal assent on 4 May 2016 and inserts a new section (Section 13a) into the existing Insurance Act. It will apply to new policies governed by UK law, which are issued (or re-issued) after 4 May...