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FCA Regulatory Round-up

https://fca.org.uk/publication/documents/rru-june- 2017.pdf

A specific area of interest for the insurance sector is the GI appointed representative follow-up work. Findings included:

  • Widespread failings in principals' oversight of their ARs. These included not giving adequate consideration to the impact of appointing ARs on their businesses, and not undertaking adequate due diligence prior to appointing ARs.
  • Significant shortcomings with ARs involved in the sale of warranty insurance products.
  • Numerous examples of potential mis-selling because customers had been given inadequate information.

All firms should consider the report and the FCA has suggested that firms undertake a gap analysis of their current activities against the findings.