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...
The FCA have issued the following guidance (please click on the link to view) regarding any ONA applications you might have in draft. Please ensure these are completed and submitted by 1st December 2014, otherwise you will lose your data. BMR Compliance Ltd – November 2014...
We have recently updated the Social Media Policy. Full, updated version of Policies is available in the Manual section of the Members Area. Login is Required....
Several trade press have ran the following article but we thought you should be made aware of this in case you haven’t already seen it. Fraudsters using 070 numbers have been targeting insurance brokers in order to con them out of money. The premium rate phone numbers...
The FCA provided the following information;- Connect is the new online system that will be used by Firms to submit applications and notifications to the FCA. Connect will replace the majority of applications that are currently submitted on the Online Applications & Notifications (ONA) system. Connect introduces...
The Financial Conduct Authority (FCA) has launched a consultation to review whether rules need to be amended/updated to clarify its supervision of financial promotions within social media. This includes Twitter, LinkedIn and Facebook pages. Firms have until 6th November to review and feedback any comments...