DP15/4 – General Insurance Add-ons, Market Study – Remedies, Value Measures The FCA has issued a Discussion Paper, DP 15/4, which can be accessed here. However, to summarise the FCA asking for feedback regarding some items they may look to introduce. The key element is they...
Delegated Authority The FCA has carried out a review into delegated authority schemes run by insurers and intermediaries. The aim of the review was to assess whether firms: Have robust systems and controls in place Exercise appropriate oversight over functions Understand and fulfil their responsibilities to customers Understand and fulfil...
The FCA’s recently published Business Plan for 2015/2016 advises that they will be undertaking a ‘Thematic Review’ on the Role of Appointed Representatives in the distribution of GI products. This review will look at the role and work done by Principal Firms to ensure their...
Consultation Paper from the FCA – An Investigation into Add-On Sales In December 2012, the FCA conducted a study into the sales of Add-Ons in General Insurance and other financial sectors. They followed this with a Market Study in July 2013 and published the findings...
The Financial Conduct Authority (FCA) has published its guidance on financial promotions in social media. This follows detailed engagement and consultation with the industry. The FCA recognises that social media are powerful channels of communication which are of significant value to firms and do not...
The FCA has conducted a thematic review into complaint handling against their current rules, and has now published its findings. The proposed changes affects all GI intermediaries. The FCA are proposing the following changes; All complaints are to be recorded and reported, regardless of resolved immediately or...
The Insurance Age wrote an article showing the Ombudsman reports fewer new cases in PPI and across car, motorcycle, buildings, travel and contents insurance. The Financial Ombudsman Service (FOS) received 48,516 complaints about payment protection insurance (PPI) in the three months to December 2014, compared to...
New rules which ban credit brokers from charging fees to customers, and from requesting customers' payment details unless they comply with new FCA requirements came into effect on the 2 January. Customers must now be given clear information about who they are dealing with, what...
Whilst it's not set in the stone, General insurance brokers will not have to pay the FSCS fee in the 2015/16 financial year. This is due to the substantial fall in claims and a high 'opening balance'. Possibly overcharging in previous years maybe, but every...
The FCA have issued the following update regarding consumer credit and a ‘one minute guide on credit broking’. Please ensure you are aware of these requirements. The FCA reminds credit broking firms of the rules We have identified a number of credit brokers that take fees from...