Our experience of auditing delegated authority binders means we have an excellent understanding of the systems and controls which coverholders need to have in place. We have also seen, first hand, how devastating it can be for a business to lose a binding authority.
If your firm holds a delegated authority we can give you an independent assessment of your arrangements and provide support to help ensure you meet the necessary standards.
For more information about our coverholder support services please call us on 01892 539600 or email enquiries to us at: firstname.lastname@example.org
Using a combination of our knowledge of FCA compliance and our understanding of underwriter requirements, our coverholder support service starts with a review of your delegated authority business.
During the review, we will look at the processes and procedures you have in place and, by speaking to staff and observing sales, we will assess how well such arrangements work in practice. We will also review any relevant agreements you have with underwriters and look at your management information relating to claims, complaints and treating customers fairly.
As part of the process we will assess your arrangements for conflict of interest prevention and/or mitigation and look at how your business handles commission disclosure.
We will then provide you with a prioritised action plan; this will enable you easily to identify any urgent and important issues and will include an overall assessment of the robustness of your delegated authority arrangements.
As well as being good evidence of strong systems and controls, such a review can provide independent reassurance to underwriters that you are acting compliantly in respect of their delegated authority; it may also prove very useful in helping to maintain valuable coverholder arrangements.