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 to incl Conduct Rules for all staff;
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;

With new requirements around vulnerable customers, pricing and consumer duty it is clear that a lot more work is to come for brokers and insurers alike.

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 product oversight/governance and conflicts of interest.

It is relevant to all client-facing staff and the firm’s senior managers at broking firms, insurers and anyone with an interest in GI.

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