Webinar - FCA’s New supervision strategy for GI Brokers

In the FCA’s Dear CEO letter of 4 September 2020 they set out a new supervision strategy for GI brokers as they believe customers are buying unsuitable or poor value products and that insufficient or unclear information is being provided at point of sale and inappropriate sales tactics are the biggest contributors of customer harm.

Whilst the letter covers everything below the one-hour event will focus on the following:
1. Firms’ response to covid;
2. Governance and oversight;
3. Bedding in of SMCR;
4. Incentive arrangements incl remuneration for firm and staff;
5. Business models incl distribution chains, product oversight and design, sales and renewals, conflicts of interest and ARs;
6. Uncertainty brought about by the BI court case and handling of claims, complaints and ongoing communications;
7. EU withdrawal + actions that need to be taken by 31/12/20.

It is very clear from the FCA’s ground-breaking test case on business interruption insurance that insurers cite the clear accountability of brokers in the consideration of clients’ demands and needs, the advice that they give and the explanation as to what is and is not covered and whilst this may not be directly relevant for PMI the event will highlight your duties in this respect.

Learning objectives - by the end of this webinar you will gain an overview of:
 The FCA’s new supervision strategy for GI brokers;
 The threat to brokers in terms of the advice process;
 ICOBS and how to ensure your sales process is robust (demands and needs, suitability, advice/personal recommendation, explanation of cover and summaries of cover)
 Other relevant ICOBS and IDD requirements to include compulsory training, product oversight and governance and conflicts of interest.

It is relevant to all client-facing staff and the firm’s senior managers at AMII member firms, insurers and anyone with an interest in PMI/protection products.

Speaker bio
Branko Bjelobaba FCII has worked for 32 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 16 years. He works closely with AMII (retained compliance consultant since 2004), BIBA and the CII and has provided many well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
Since the world went virtual Branko has so far provided 102 events to over 5,700 CII members and feedback has been superb:-
“Branko's webinars are certainly one of the best. He can present quite a dry and relatively boring subject with such a passion and engages his public constantly. His events have very valuable content and presentation materials are well prepared and comprehensive.”
“Branko has energy and enthusiasm and character which led to an engaging presentation. I would definitely sign up and recommend others do too for other topics/webinars led by him.”
“The content was excellent and brilliantly presented - most enjoyable webinar yet.”
“Very informative and well-structured webinar from a very engaging presenter. Well done!”

To view our image and video capture consent statement, please click here.