FCA thematic review on broker and insurer conflicts. Charley Taggart
|
|
- Shana Hardy
- 7 years ago
- Views:
Transcription
1
2 FCA thematic review on broker and insurer conflicts Charley Taggart
3 History lesson FSA commissioned review of commission disclosure in 2007 Conclusion of CRA was, disproportionately low benefit to cost but need for greater clarity on who broker acts for Market disagreement BIBA/ LIIBA split Industry led solution put in place guidelines only Recent increased interest from Lloyd s, AIRMIC and the press
4 Background to the review Simon Green, Head of General Insurance and Protection of the FCA, said: Insurance brokers business models have changed radically over the last 20 years. Some brokers have shifted from being straightforward distributors to product designers, underwriters and claims handler, this means that conflicts of interest may be occurring. This piece of work will help us test whether the essential everyday insurance products that those businesses need are designed and delivered fairly and will focus particularly on SME and microbusiness customers. We will look to trade associations such as BIBA and LIIBA to work with us collaboratively as this work progresses. I am keen to explore how insurance brokers identify and manage potential conflicts. The review will focus on payment flows between insurers and brokers, and several aspects of the value chain such as claims handling and management Not looking at standard commissions
5 Conflicts in remuneration (1) The regulation Principle 8 requires that: A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client This is reflected in ICOBS on inducements which provides: This principle [8] extends to soliciting or accepting inducements where this would conflict with a firm s duties to its customers. A firm that offers such inducements should consider whether doing so conflicts with its obligations under Principles 1 and 6 to act with integrity and treat customers fairly
6 Conflicts in remuneration (2) Commission disclosure rule (ICOBS 4.4.1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy. Disclosure must be in cash terms Commission means all forms of commissions and remuneration, including profit and volume related payments ICOBS is not concerned with the duty to account
7 Conflicts in remuneration (3) The common law rules Deemed client agreement to brokerage where: Client does not pay a fee It is usual for commission to be paid Deemed consent not applicable where: Client pays a fee Other than normal commission In other words If you earn non-standard commission, you need to give the client enough information to enable him/ her to provide informed consent
8 Tom Bolt Lloyd s view I am killing myself to keep you guys out of the papers on this February 2013
9 The Bribery Act 2010 Offers, promises or gives a financial or other advantage Intending to induce a person to perform a relevant function or activity improperly or to reward a person for improper performance or knowing that acceptance would itself constitute improper performance Relevant function or activity includes any activity connected with a business
10 Improper performance Breach of a relevant expectation Good faith Impartiality Position of trust What would a reasonable person in the United Kingdom expect and note the Fraud Act 2006 Section 3: a person is in breach of this section if he dishonestly fails to disclose information which he is under a legal duty to disclose and intends by failing to disclose the information to a make a gain for himself.
11 Types of remuneration Commission Profit commission Volume commission Contingent commission Insurer services/ market services on slip Insurer services/ market services off slip
12 Commissions/ fees for insurer services Services being provided should be defined If not provided, broker should not get paid Should be different to the services being paid for by other commissions Should not prevent a level playing field Should not be steering as a result Should be disclosed if connected to placement
13 Conflicts in coverholder arrangements Remember: a coverholder agreement / DA makes the broker the agent of the insurer and the insurer responsible for their actions The regulation For those advising clients on a fair analysis basis, the rules on panel selection criteria say only that the selection should be based on product features, premiums and services offered to customers, not solely on the benefit offered to the firm Agency law Duty to act in the best interests of the customer and not put self in a position of conflict The guidance LIIBA markets and capacity statement acting for insured or insurer for sourcing product, passing over information, managing a claim
14 Hard-core conflicts Operating multiple binders and placing business into one with best remuneration Brokers disclosing other insurers pricing to binder operator Grossing up Asking markets to no quote Steering/ calls to market
15 Conflicts in claims Where claims authority and profit commission Where a lack of separation between claims personnel remuneration and PC Binding authority underwriting and claims handling carried out by same person and/or client relationship and binder managed by the same person
16 Lessons from the asset manager review what good looks like (1) New products and activities = reconsidering conflicts Periodic reviews of operations for evidence of new conflicts Conflict frameworks jointly developed by the business and compliance Conflicts monitoring should be done by the business and compliance and with boards receiving adequate MI Ensure you consider whether the value and frequency of gifts and entertainment could give rise to actual or perceived conflicts of interest
17 Lessons from the asset manager review what good looks like (2) Good practice in relation to gifts and entertainment includes: Policy imposing limits on value on one event as well as maximum number of events in a given period (aggregate cap) Policy to apply to frequent low value as well as occasional high Travel and accommodation should not be accepted for education or research trips Events attended by partner/ spouse/ family treated as a gift NB: COBS schedule of reasonable non-monetary benefits
18 Golden rules for brokers Integrity, TCF, Conflicts (Principles 1, 6, 8) Quote what has been quoted Offer what has been offered Be transparent about what you earn Don t divulge information to an underwriter at the expense of another Act in the best interests of the customer
19 Consequences of findings Asset manager conflict review resulted in s.166 skilled persons reports and some enforcement cases CEO attestation to requirements and remedial actions likely If regulatory action potential E&O implications and PI policy trigger D&O trigger, defence costs and liabilities? No indemnities for fines or individuals!
20 Q&A Follow us online -
Transparency, disclosure and conflicts of interest in the commercial insurance market
AIRMIC Guidance Transparency, disclosure and conflicts of interest in the commercial insurance market 1. Introduction AIRMIC believes that management of potential conflicts of interest in the commercial
More informationTransparency, disclosure and conflicts of interest in the commercial insurance market
Transparency, disclosure and conflicts of interest in the commercial insurance market SECTION 1 INTRODUCTION 1.1 The Financial Services Authority s (FSA) increased emphasis on disclosure, transparency
More informationConduct Standards Kick-off meeting
< Picture to go here > Conduct Standards Kick-off meeting Lloyd s 1 Cast list Peter Spires, Head of Legal & Compliance Claire Schrader, Manager, Legal & Compliance Paul Brady, Manager, Legal & Compliance
More informationName of Lead Broker. Name of Sub-Broker. Effective date and duration of Agreement. Name of insured or reinsured. Description of Business
Sub-Broking Agreement A general principle of the law of agency is that an agent must carry out his duties personally and has no general powers to delegate his duties. The appointment of a subagent or sub-broker
More informationCommission policy for intermediaries. Terms of Business Agreement for General Business. Effective from 31 March 2014. bupa.co.uk
Commission policy for intermediaries Terms of Business Agreement for General Business Effective from 31 March 2014 bupa.co.uk 2 This document is our Terms of Business Agreement and Commission Policy (the
More informationTerms of Business Agreement (Wholesale)
Terms of Business Agreement (Wholesale) This agreement is dated and is made between 1 (Company Number ) (the Broker ) whose Registered Office is and 2 Glemham Underwriting Limited (Company Number 5509907)
More informationAn Agreement dated [ enter date ] governing the conduct of Insurance Business between:
Terms of Business Agreement (Non Risk Transfer) An Agreement dated [ enter date ] governing the conduct of Insurance Business between: and [Name of Managing Agent] on its own behalf and on behalf of the
More informationUIBL TOBA. United Insurance Brokers Ltd. Terms of Business Agreement
TOBA United Insurance Brokers Ltd Terms of Business Agreement 1. Introduction and business service United Insurance Brokers Ltd () is an independent international insurance and reinsurance (1) Lloyd s
More informationConflicts of interest between asset managers and their customers:
Financial Services Authority Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks November 2012 Conflicts of interest between asset managers and their
More informationING LEASE UK GIFTS, ENTERTAINMENT AND ANTI-BRIBERY POLICY
ING LEASE UK GIFTS, ENTERTAINMENT AND ANTI-BRIBERY POLICY 1 CONTENTS Statement from the Board of ING Lease (UK) Limited POLICY 1. Introduction 2. Objectives 3. Scope 4. Definitions 5. Rules on Gifts and
More informationPROFESSIONAL INDEMNITY INSURANCE PROPOSAL FORM FOR INSURANCE INTERMEDIARIES
PROFESSIONAL INDEMNITY INSURANCE PROPOSAL FORM FOR INSURANCE INTERMEDIARIES Howden Insurance Brokers Limited is an official scheme provider of Professional Indemnity for BIBA members Please complete this
More informationManaging bribery and corruption risk in commercial insurance broking
Financial Conduct Authority Thematic Review TR14/17 Managing bribery and corruption risk in commercial insurance broking Update November 2014 Managing bribery and corruption risk in commercial insurance
More informationTERMS OF BUSINESS AGREEMENT
Insurance and Reinsurance Brokers Iris Insurance Brokers Ltd 7 th Floor, New London House 6 London Street, London, EC3R 7LP United Kingdom. Tel: +44 (0)20 3178 7872 Fax: +44 (0)1702 431 644 Email: mail@irisib.com
More informationDELEGATED AUTHORITIES AGENCIES, AUTHORITIES & LIABILITIES A UK PERSPECTIVE. Tim Goodger
DELEGATED AUTHORITIES AGENCIES, AUTHORITIES & LIABILITIES A UK PERSPECTIVE Tim Goodger Topics A. General Observations B. Legal Principles C. Role of the placing broker D. The Managing Agent E. Disclosure
More informationG&T Brokers Limited. Terms of Business Agreement ( TOBA )
Terms of Business Agreement ( TOBA ) The purpose of this document is to describe our professional relationship and the services we will provide to you. You should read this document carefully for as well
More informationFinancial Services Guide
Financial Services Guide Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 Version 7 July 2015 Financial Services Guide This Financial Services Guide (FSG) explains: Our products and services
More informationCoversure Security Industry Insurance Proposal
Intermediary Date / / Contact Name Phone ( ) Period of Insurance to at 4.00pm INSURED DETAILS Insured Name / ABN (Full details required, inc. Trading Name if Applicable) Postal Address Location of Premises
More informationperformance management supplemental requirements & Guidance
performance management supplemental requirements & Guidance MAY 2016 2 Contents Introduction 4 Approach to Performance Issues 6 Performance Management Requirements and Guidance 8 Franchise Guidelines 8
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933 Release No. 8750 / November 8, 2006 UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 54720 / November 8, 2006 INVESTMENT
More informationREGULATION, INVESTIGATIONS AND PROFESSIONAL INDEMNITY INSURANCE FOR INSURANCE BROKERS. Ken Underhill Reynolds Porter Chamberlain
REGULATION, INVESTIGATIONS AND PROFESSIONAL INDEMNITY INSURANCE FOR INSURANCE BROKERS Ken Underhill Reynolds Porter Chamberlain THE IMPACT OF INVESTIGATIONS IN THE UK AND USA Background The investigations
More informationResponse to European Commission inquiry into the European business insurance sector pursuant to Article 17 of Regulation 1/2003
Response to European Commission inquiry into the European business insurance sector pursuant to Article 17 of Regulation 1/2003 Executive summary The ABI believes the Commission is correct to place business
More informationBUYERS GUIDE TO PROFESSIONAL INDEMNITY INSURANCE
1. GUIDANCE BUYERS GUIDE TO PROFESSIONAL INDEMNITY INSURANCE 1.1 This guidance is to help you to make an informed choice when purchasing professional indemnity insurance and to use the market effectively.
More informationEuropean Commission: Business Insurance Sector Inquiry. Interim Report Consultation Response. Brighter Business Limited
European Commission: Business Insurance Sector Inquiry Interim Report Consultation Response Introduction Brighter Business Limited Brighter Business was created to provide a direct service for Small and
More informationThe Responsibilities of Providers and Distributors for the Fair Treatment of Customers (RPPD)
The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (RPPD) 1.1 1.2 Introduction In this Regulatory Guide ("Guide") we give our view on what the combination of Principles
More informationPROFESSIONAL INDEMNITY INSURANCE PROPOSAL FORM FOR INSURANCE INTERMEDIARIES
PROFESSIONAL INDEMNITY INSURANCE PROPOSAL FORM FOR INSURANCE INTERMEDIARIES - 1 - P a g e CONTENTS 1. ADVICE ON COMPLETING THE PROPOSAL FORM 2. PROPOSAL FORM 3. BINDING AUTHORITY QUESTIONNAIRE 4. OTHER
More informationProfessional Indemnity Insurance Guide for FCA Regulated Firms (2015)
Professional Indemnity Insurance Guide for FCA Regulated Firms (2015) Nathan Sewell, CEO of Protean Risk, answers the Top 50 questions we are regularly asked as a specialist provider of Professional Indemnity
More informationGuide to buying professional indemnity insurance
Guide to buying professional indemnity insurance The Law Society has collaborated with the British Insurance Brokers Association and Association of British Insurers to provide you with this Guide to Buying
More informationTechnical claims brief
QBE European Operations Technical claims brief Monthly update June 2015 Technical claims brief Monthly update June 2015 Contents FCA sets out their findings after looking at delegated authority arrangements
More informationProfessional Indemnity Insurance for Insurance Intermediaries Proposal Form
Professional Indemnity Insurance for Insurance Intermediaries Proposal Form Professional Indemnity Insurance for Insurance Intermediaries Proposal Form Please read the following carefully before completing
More informationInsurance: Conduct of Business
Insurance: Conduct of Business ICOBS Contents Insurance: Conduct of Business ICOBS 1 Application 1.1 The general application rule 1 Annex 1 Application (see ICOBS 1.1.2 ) ICOBS 2 eneral matters 2.1 Client
More informationDirectors and Officers Liability Insurance Guidance and Advice for Risk Managers
Directors and Officers Liability Insurance Guidance and Advice for Risk Managers The insurance market has responded to recent corporate failures by requiring more information from organisations seeking
More informationCode of Ethics. I. Definitions
Code of Ethics Old North State Trust, LLC (the Company ) has adopted this Code of Ethics in recognition of the principle that all Supervised Persons (as defined below) of the Company have a fiduciary duty
More informationDRAFT. Anti-Bribery and Anti-Corruption Policy. Introduction. Scope. 1. Definitions
DRAFT Change History: Anti-Bribery and Anti-Corruption Policy Control Risks Group Ltd Commercial in confidence Introduction This document defines Control Risks policy on the avoidance of bribery and corruption.
More informationFINANCIAL ADVISERS ACT (CAP. 110)
Monetary Authority of Singapore FINANCIAL ADVISERS ACT (CAP. 110) GUIDELINES ON ADDRESSING CONFLICTS OF INTEREST ARISING FROM ISSUING OR PROMULGATING RESEARCH ANALYSES OR RESEARCH REPORTS Guideline No:
More informationNon-Lloyd s Brokers. A guide for Managing agents
Non-Lloyd s Brokers A guide for Managing agents April 2013 2 Contents PART 1 4 Introduction to this Guidance 4 Acceptance of business by Lloyd s syndicates 4 Purpose of this Guidance 4 Additional queries
More informationFINANCIAL SERVICES GUIDE
FINANCIAL SERVICES GUIDE V-Insurance Group PTY LTD Authorised Representative No. 432898 ABN: 67 160 126 509 Date of issue 1 November 2014 www.vinsurancegroup.com FINANCIAL SERVICES GUIDE This Financial
More informationa. employees Company; or
Code of Busines ss Conduct and Ethics 1. Introduction a. This Code of Business Conduct and Ethics (the Code ) applies to all directors, officers, employees and third parties employed or directly engaged
More informationWILLIS GROUP HOLDINGS HOW WE GET PAID
WILLIS GROUP HOLDINGS HOW WE GET PAID WILLIS GROUP HOLDINGS HOW WE GET PAID INTRODUCTION The purpose of this paper is to provide an overview of the ways that Willis is remunerated for the value we deliver.
More informationRequirements made under the Intermediaries Byelaw
Chapter 2 Requirements made under the Intermediaries Byelaw Section 1 Delegated Underwriting Registers of coverholders and registered binding authorities Part B of the Intermediaries Byelaw Format and
More informationChapter 2 The Marine Insurance Act 1906
Chapter 2 The Marine Insurance Act 1906 Insurance through a broker Book says broker costs nothing to assured Not entirely correct as brokerage is an expense for underwriter in the product he is offering,
More informationLife Insurance Council Code of Conduct
Life Insurance Council Code of Conduct TABLE OF CONTENTS EXECUTIVE SUMMARY... 2 INTERPRETATION... 5 DEFINITIONS... 6 CODE OF CONDUCT PRINCIPLES... 7 1. INTEGRITY AND TRUSTWORTHINESS... 7 2. GOOD FAITH...
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 55946 / June 25, 2007 INVESTMENT ADVISERS ACT OF 1940 Release No. 2610 / June 25, 2007
More informationProfessional Indemnity Insurance for Miscellaneous Professions Proposal Form
Professional Indemnity Insurance for Miscellaneous Professions Proposal Form Important Notice 1. This is a proposal for a contract of insurance, in which Proposer or you / your means the individual, company,
More informationHow To Write A Professional Indemnity Proposal Form For Management Consultants
Professional Indemnity Insurance Management Consultants Proposal Form Towergate Lifestyle Suite 4b, 1 Portland Street, Manchester, M1 3BE Tel: 0844 892 1789 Fax: 0844 892 1796 Email: lifestyle@towergate.co.uk
More informationFuture regulation for insurance brokers
Report Prepared For: British Insurance Brokers' Association 8 th Floor, John Stow House 18 Bevis Marks London, EC3A 7JB Future regulation for insurance brokers Prepared by: Kyla Malcolm and Charles Xie
More informationProfessional Indemnity Insurance for Insurance Brokers and Intermediaries
Professional Indemnity Insurance for Insurance Brokers and Intermediaries Proposal Form Important tice 1. This is a proposal for a contract of insurance, in which Proposer or you/your means the individual,
More informationOFFICE OF THE REGISTRAR OF INSURANCE AND RETIREMENT FUNDS CODE OF CONDUCT FOR INSURANCE BROKERS
Form RDI 14 OFFICE OF THE REGISTRAR OF INSURANCE AND RETIREMENT FUNDS CODE OF CONDUCT FOR INSURANCE BROKERS 1. INTRODUCTION This Directive sets out the Code of Conduct for insurance brokers offering insurance
More informationRegulatory duties in handling commercial insurance claims - the next area for FSA scrutiny?
Regulatory duties in handling commercial insurance claims - the next area for FSA scrutiny? Once the banking sector is back on its feet, will the FSA s next area of focus in the insurance sector be improving
More informationProfessional indemnity insurance Insurance brokers & IFA s proposal form
Professional indemnity insurance Insurance brokers & IFA s proposal form Instructions Please provide a full answer to every question. Please ensure that all answers are typewritten or printed in block
More informationInsurance Brokers Professional Liability Proposal Form
Insurance Brokers Professional Liability Proposer Details 1. Name of Firm(s) 2. Principal address Postcode Tel No. Website 3. Date Firm Established 4. Please provide details of any subsidiary companies
More informationSTATEMENT FROM THE CHAIRMAN
STATEMENT FROM THE CHAIRMAN In an ever-changing global marketplace, it is important for all of us to have an understanding of the responsibilities each of have in carrying out day-to-day business decisions
More informationBROKERAGE AGREEMENT. WHEREAS Broker wishes to gain access to and offer Paragon s specialized insurance products and services to its clients; and
BROKERAGE AGREEMENT This Agreement, effective 2014 is between Paragon Insurance Holdings, LLC ( Paragon ), 45 Nod Road, Avon, Connecticut 06001 with underwriting office at 850 Fulton Street, Farmingdale,
More informationProfessional Indemnity Insurance Debt Management Consultants Proposal Form
Professional Indemnity Insurance Debt Management Consultants Proposal Form The PI Desk Ltd Suite B, Sheffield Business Centre Europa Link, Sheffield, South Yorkshire, S9 1XZ Tel: 0114 242 1176 Fax: 0114
More informationAnti-Bribery and Corruption Policy
Newcrest strictly prohibits bribery and other unlawful or improper payments made to any individual or entity, as outlined in this Anti-Bribery & Corruption Policy. Newcrest's Anti- Bribery & Corruption
More informationHunter Hall International Limited
Hunter Hall International Limited ABN 43 059 300 426 Conflicts of Interest Policy 1. Introduction and Purpose of Policy 1.1 Hunter Hall International Limited (Hunter Hall, HHL) is an ASX-listed investment
More informationHutchison Rodway Insurance Hutchison Rodway (Marlborough) Ltd TERMS OF BUSINESS ARRANGEMENT
1. Agreement 1.1 You have appointed as your insurance broker. Hutchison Rodway Insurance Hutchison Rodway (Marlborough) Ltd TERMS OF BUSINESS ARRANGEMENT Hutchison Rodway Insurance PO Box 150, Blenheim
More informationTHIRD PARTY ADMINISTRATOR AGREEMENT. (Hereinafter, Agreement ) Between
THIRD PARTY ADMINISTRATOR AGREEMENT (Hereinafter, Agreement ) Between Those underwriting members of Lloyd s, and those other insurers (if any), individually and severally subscribing to the Contract(s)
More informationDesignator author. Selection and Execution Policy
Designator author Selection and Execution Policy Contents 1. Context 2 2. Best selection and best execution policy 3 2.1. Selection and evaluation of financial intermediaries 3 2.1.1. Agreement by the
More informationBritannia Additional Insurances Terms of Business Agreement
Britannia Additional Insurances Terms of Business Agreement MAY 2014 Introduction This terms of business agreement (the Agreement ) sets out the nature and scope of the insurance mediation services The
More informationProfessional Indemnity Select
Allianz Insurance plc Professional Indemnity Select Insurance Brokers Proposal Form Insurance Professional Brokers Indemnity Professional Policy Overview Indemnity Select Insurance Brokers Professional
More informationReal Estate Professionals Errors & Omissions Insurance
Real Estate Professionals Errors & Omissions Insurance Thank you for your interest in the Real Estate Professionals Errors & Omissions Insurance program. For consideration of a quote, please return the
More informationBribery Policy. Policy description:
Bribery Policy Policy description: This purpose of this document is to set out the College policy in relation to Bribery. The policy also outlines the College s approach to gifts received by the College
More informationProfessional Liability Insurance for Charities Associations, Societies, Clubs and the like Proposal Form
Professional Liability Insurance for Charities Associations, Societies, Clubs and the like Proposal Form Important Notice 1. This is a proposal for a contract of insurance, in which 'proposer' or 'you/your'
More informationGUIDELINES ON MARKET CONDUCT FOR INSURANCE INVESTIGATORS AND MOTOR ASSESSORS
GUIDELINES ON MARKET CONDUCT FOR INSURANCE INVESTIGATORS AND MOTOR ASSESSORS JUNE 2012 TO: ALL REINSURANCE COMPANIES ALL INSURANCE COMPANIES ALL INSURANCE INTERMEDIARIES ALL MOTOR ASSESSORS ALL INSURANCE
More informationComplying with the U.S. Foreign Corrupt Practices Act
Complying with the U.S. Foreign Corrupt Practices Act 1. About This Manual This Manual describes the Foreign Corrupt Practices Act ( FCPA ), 15 U.S.C. 78m, 78dd, 78ff (collectively, FCPA ), anti-corruption
More informationDistribution channels in insurance
Distribution channels in insurance An insurance cover is an intangible product evidenced by a written contract known as the policy. Insurers market various insurance covers either directly or through various
More informationCOLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010
---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------
More informationFinancial Advisers (Amendment) Bill
Financial Advisers (Amendment) Bill Bill No. 15/2015. Read the first time on 11 May 2015. A BILL intituled An Act to amend the Financial Advisers Act (Chapter 110 of the 2007 Revised Edition). Be it enacted
More informationProfessional Indemnity Insurance Debt Management Consultants Proposal Form
Professional Indemnity Insurance Debt Management Consultants Proposal Form Towergate Lifestyle Suite 6 The South West Centre Troutbeck Road, Sheffield, South Yorkshire S7 2QA Tel: 0114 250 0011 Fax: 0114
More informationDelegated authority: Outsourcing in the general insurance market
Financial Conduct Authority Delegated authority: Outsourcing in the general insurance market June 2015 Thematic Review TR15/7 Delegated authority: Outsourcing in the general insurance market TR15/7 Contents
More informationPOST OFFICE MONEY BUSINESS INSURANCE Terms of Business Agreement
POST OFFICE MONEY BUSINESS INSURANCE Terms of Business Agreement Post Office Money is a registered trademark of the Post Office and is used under licence by Arthur J. Gallagher Insurance Brokers Limited.
More informationBroker Tender Guide. Guide 2015
Broker Tender Guide Guide 2015 Contents Section 1: Broker Tender... 4 Introduction... 4 Deciding to Tender... 5 Internal Tender Panel... 6 Structuring the Tender... 7 Selecting Participants... 9 Selection
More informationPENSION TRUSTEE LIABILITY INSURANCE. March 2009. Teri Solomon Finpro
PENSION TRUSTEE LIABILITY INSURANCE March 2009 Teri Solomon Finpro 2 Why am I doing this again??? 3 AN OVERVIEW A HISTORY LESSON. WHAT INSURANCE IS REQUIRED AND HOW MUCH? WHAT IS COVERED AND WHAT IS NOT?
More informationAssociate Agent Agreement
Associate Agent Agreement Between: THE EMPIRE LIFE INSURANCE COMPANY (referred to as Empire Life ) AND (referred to as Associate Agent ) Street Address: City or Town: Province: Postal Code: Effective Date:
More informationMutual Fund Share Classes and Compensation
July 2015 Mutual Fund Share Classes and Compensation summary You have many funds to choose from when it comes to investing your money. Once you choose a fund, you may also need to choose among the fund
More informationCongratulations... ...and thank you for buying a Motoring First policy.
2 Congratulations......and thank you for buying a Motoring First policy. This document explains exactly what is covered by Licence Shield, how to make a claim, important contact details and much more.
More informationProfessional Indemnity Proposal Form Accountants
Professional Indemnity Proposal Form Accountants GUIDANCE NOTES Completing your proposal form Please complete all questions in full using the Additional Information section or separate sheets where necessary.
More informationUIB UK PROFESSIONAL INDEMNITY
l It is very important that you disclose fully and accurately all material facts. If you require more space please continue on your headed paper, then sign and attach to this form. Material facts are those
More informationSelf-Invested Personal Pensions (SIPP) operators
Financial Services Authority Self-Invested Personal Pensions (SIPP) operators A report on the findings of a thematic review September 2009 Contents 1 Introduction 3 2 Project findings and firms requirements
More informationInsurance Brokers Professional Indemnity Proposal Form
Insurance Brokers Professional Indemnity Proposal Form Solution Underwriting Agency Pty Ltd Level 6, 289 Flinders Lane Melbourne, VIC 3000 ABN 68 139 214 323 AFSL 407780 1 of 12 Additional information
More informationPlease complete the whole form to the best of your ability, clarifying any areas where necessary and continuing on a separate sheet if required.
Professional Indemnity Proposal Form Insurance Brokers Please complete the whole form to the best of your ability, clarifying any areas where necessary and continuing on a separate sheet if required. A
More informationPen Underwriting Producing Broker Terms of Business Agreement
Pen Underwriting Producing Broker Terms of Business Agreement Terms of Business Agreement An agreement governing the conduct of Insurance Business between: (1) One or more of the parties listed in Schedule
More informationProfessional Indemnity Insurance for Insurance Brokers & Intermediaries Proposal Form
Professional Indemnity Insurance for Insurance Brokers & Intermediaries Proposal Form Important Notice 1. This is a proposal for a contract of insurance, in which 'proposer' or 'you/your' means the individual,
More informationPerformance Management Supplemental Requirements and Guidance. Performance Management Supplemental Requirements and Guidance
market bulletin Ref: Y4534 Title Purpose Type From Performance Management Supplemental Requirements and Guidance To issue Performance Management Supplemental Requirements and Guidance which consolidates
More informationProtecting Your Book of Business. Guy Messick Messick & Weber, P.C. Pete Snyder SCS, LLC
Protecting Your Book of Business Guy Messick Messick & Weber, P.C. Pete Snyder SCS, LLC Managing Your Credit Union s Investment The retail investment services offering in credit unions has historically
More informationFINANCIAL SERVICES GUIDE
FINANCIAL SERVICES GUIDE W0355AU (2014) WWW.WILLIS.COM.AU Willis Australia Limited ABN 90 000 321 237 AFS Licence No 240600 Date of Issue: 1 August 2014 Introduction This Financial Services Guide (FSG)
More informationSettlement Agreement between the Central Bank of Ireland and Combined Insurance Company of Europe Limited
PO BOX 559 T +353 1 224 4000 Dame Street F +353 1 671 6561 Dublin 2 Settlement Agreement between the Central Bank of Ireland and Combined Insurance Company of Europe Limited The Central Bank of Ireland
More informationHow To Deal With A Conflict Of Interest In A Brokerage
CONFLICTS OF INTEREST General Description Actual, potential and perceived conflicts of interest exist in almost all human interactions. Our relationship with you is no different. For instance, MacDougall,
More informationProfessional Indemnity Insurance for Insurance Brokers
Professional Indemnity Insurance for Insurance Brokers Proposal Form Please complete, sign and return together with the attachments to: Affinity A division of Lockton Companies LLP The St Botolph Building
More informationApplication to become a Lloyd s Open Market Correspondent
Application to become a Lloyd s Open Market Correspondent Please read the following notes carefully before filling in this form. 1. A separate application form must be completed for each firm that wishes
More informationMEDIATORS DECLARATION PEACEWISE MASTER POLICY
Marsh Pty Ltd ABN 86004651512 PO Box H176 AUSTRALIA SQUARE NSW 1215 PROFESSIONAL INDEMNITY INSURANCE MEDIATORS DECLARATION PEACEWISE MASTER POLICY Professional Indemnity Declaration for Mediators who have
More informationList the names of all Prior Practices to which this Practice is a successor Practice. Name of Practice Date established Date of succession
UIB GROUP UK PROFESSIONAL INDEMNITY 1. NAME AND ADDRESS DETAILS Practice Name Date Established S.R.A. Registration. Main Office Address Postcode Telephone Number Contact Name Contact E-mail Address Practice
More informationSTREET CAPITAL FINANCIAL CORPORATION STREET CAPITAL HOLDINGS CORPORATION STREET CAPITAL MORTGAGE CORPORATION
STREET CAPITAL FINANCIAL CORPORATION STREET CAPITAL HOLDINGS CORPORATION STREET CAPITAL MORTGAGE CORPORATION (Collectively referred to as Street Capital) CONFLICT OF INTEREST AND MORTGAGE SUITABILITY POLICY
More informationCode of Conduct 1. The Financial Services Authority
The Financial Services Authority Code of Conduct 1 1 The FSA's Code of Conduct should be read in conjunction with the guidance, which is designed to help you understand and apply the provisions of the
More informationConnecting Insurance business... Connecting insurance businesses
Connecting insurance businesses Agenda: Who we are. What we do. What we have done for our clients. Our people. Who we are G&T Brokers is an independent City of London based Lloyd's Broker committed to
More informationDIGITAL RIVER, INC. FOREIGN CORRUPT PRACTICES ACT AND ANTI-BRIBERY POLICY. (Adopted by resolution of the Board of Directors on December 1, 2011)
DIGITAL RIVER, INC. FOREIGN CORRUPT PRACTICES ACT AND ANTI-BRIBERY POLICY (Adopted by resolution of the Board of Directors on December 1, 2011) Digital River, Inc. and our affiliates ( DR ) must comply
More informationProposal Form. BusinessGuard Insurance Brokers Professional Liability Insurance
BusinessGuard Insurance Brokers Professional Liability Insurance BusinessGuard Insurance Brokers Professional Liability Insurance This policy is issued by AIG Australia Limited on a claims-made and notified
More informationPreparing to become a Hedge Fund/Open-ended Fund AIFM. May 2013. March2013. Preparing to become an AIFM 1
Preparing to become a Hedge Fund/Open-ended Fund AIFM May 2013 March2013 Preparing to become an AIFM 1 Complying with AIFMD We are pleased that the text of the implementing measures has been published.
More informationFCA Retirement income market study: Interim Report. A response by the National Association of Pension Funds. January 2015 www.napf.co.
FCA Retirement income market study: Interim Report A response by the National Association of Pension Funds January 2015 www.napf.co.uk NAPF response to FCA retirement income market study Contents Overview...
More informationREPORT 42 Insurance broker remuneration arrangements
REPORT 42 Insurance broker remuneration arrangements June 2005 Australian Securities and Investments Commission June 2005 Page 2 CONTENTS Executive summary...4 Section 1: Background... 7 The Australian
More information