Below is a flavour of some of our recent articles. To access the full article clients can log into the ICS Compliance Manual or contact the ICS Helpdesk.
24/01/2020 HT 2020 – 01 New Year Messages from the FCA warn GI firms on cultural and operational standards
The FCA has sent a ‘Dear CEO’ letter to Personal Lines and Commercial Lines insurers and firms with similar business models urging them to prioritise conduct and consumer outcomes. This is part of the regulator’s quest to improve culture and to ensure that customers’ best interests are served. Around the same time, wholesale intermediary firms received a ‘Dear CEO’ which said that ‘poor culture in financial services can lead directly to harm to consumers, market participants, employees and markets’. As the Senior Managers and Certification Regime beds in, firms need to take stock of the relevant cultural and operational issues.
18/12/2019 HT 2019 – 12 Whiplash reforms and the motor claims compensation landscape
A number of changes are in the pipeline aimed at capping the amounts claimants can get for whiplash injuries and reducing the incidence of exaggerated or fraudulent claims. This article looks at the reforms which the Ministry of Justice (MoJ) continues to work towards and what they might mean for the compensation landscape.
22/11/2019 HT 2019 – 11 SM&CR Conduct Rules
This article takes a closer look at the SM&CR Conduct Rules which come into effect on 9 December 2019. What steps can firms take to meet the new training and reporting requirements?
24/10/2019 HT 2019-10 General Insurance Pricing Practices – interim report suggests further regulatory intervention
Building on its determination to ensure customers receive good value, appropriate insurance products and fair treatment, the FCA has been carrying out a market study on general insurance pricing practices. We look at the interim report (MS18/1) recently published and the possible remedies being considered by the FCA.
26/09/2019 HT 2019-09 SM&CR – Considerations for Human Resources
This article looks from the Human Resources (HR) point of view at some of the changes that firms may need to make to meet the SM&CR requirements.
28/08/2019 HT 2019-08 Are you ready for the SM&CR?
The Senior Managers and Certification Regime will apply to insurance intermediaries and other solo-regulated firms from 9 December 2019, having been introduced for banking firms in 2016 and insurers in December 2018. This article follows the publication of Policy Statement (PS 19/20), which confirmed the final rules for the SM&CR, and looks further at some of the implications for insurance intermediaries.
24/07/19 HT 2019-07 Assessing adequate financial resources
The FCA has issued a consultation paper (CP19/20) which sets out to provide more clarity over how it assesses the adequacy of a firm’s financial resources, the practices firms can adopt when assessing their resources and the role of adequate financial resources in minimising harm to consumers and markets. This article looks at how this affects UK general insurance intermediaries.
20/06/19 HT 2019-06 RMAR Reporting – an update
Concentrating on the Sections of the regulatory return usually completed by general insurance intermediaries, this article looks at the reasons why the regulator collects certain types of information and highlights areas which have sometimes proved problematic.
29/05/19 HT 2019-05 GDPR – One year on
Although it may appear to be largely ‘business as usual’, Data Protection is an on-going commitment and it is important to keep it high on the compliance agenda. Rather like Y2K, the potential for turmoil never materialised but, unlike Y2K, the effects of the GDPR are far reaching and here to stay, Brexit or no Brexit. This article looks at what has happened since May 2018 , when GDPR came into force, in terms of compliance and enforcement.