FCA publishes Consultation Paper CP18/26 on applying SM&CR to Claims Management Companies

On the 1st April 2019 the FCA will become the regulator of claims management companies (CMCs). At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs.

The FCA is now consulting on how the Senior Managers and Certification Regime (SM&CR) will apply to CMCs. The consultation paper sets out the proposed rules about when SM&CR may apply to CMCs and what action firms will need to take.

There is also a consultation ongoing with regards what fees the FCA proposes to charge CMCs.

Please click here for:

FCA consultation paper – SM&CR for CMCs  https://www.fca.org.uk/publication/consultation/cp18-26.pdf

FCA consultation paper – Fees for CMCs https://www.fca.org.uk/publication/consultation/cp18-23.pdf

FCA support website page for CMCs https://www.fca.org.uk/firms/claims-management-companies

FCA Publishes Policy Statement PS17/21 – Insurance Distribution Directive Near Final Rules

This Policy Statement from the FCA provides their response to the feedback received to CP 17/7 on the IDD. It also sets out the near-final rules with regards application, professional requirements, complaints handling and ICOB. For those with responsibility for T&C, please note it introduces the completion of 15 hours CPD each year for relevant staff, some of whom might be Retail Investment Advisers where the 35 hours composition has changed.

Firms are required to comply with these new rules by 23 February 2018. Please click here for:

FCA Policy Statement https://www.fca.org.uk/publication/policy/ps17-21.pdf

IDD – What’s it all about https://www.trailight.co.uk/idd-whats-it-all-about/#more-544

 

 

BSB Publishes Certification Regime, Fitness & Propriety Guidance

In February the Banking Standards Board published a statement of good practice and supporting guidance on implementation for the assessment of fitness and propriety of those within the certification regime.

Please click here to download:

http://www.bankingstandardsboard.org.uk/pdf/Assessing-F&P-Statement-of-Good-Practice.pdf

http://www.bankingstandardsboard.org.uk/pdf/Assessing-F&P-Supporting-Guidance.pdf

CP 17/7 – Insurance Distribution Directive Consultation Paper

This Paper from the FCA consults on changes to the SYSC, TC, MIPRU, IPRU(INV), ICOBS and DISP sourcebooks. It looks to enhance competence by introducing knowledge and ability requirements to be demonstrated by completing 15 hours of CPD a year. A must read for those involved in insurance and reinsurance, intermediaries and other firms in the insurance market – https://lnkd.in/gi_fndW