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Dear [FIRSTNAME],
This week’s letter summarises some interesting high level work such as the Walker Review and corporate governance and there are important items for general insurance intermediaries, mortgage firms and IFAs.
The first article, FSA Fees Calculator, is worth a look and these are proposals so if firms do wish to respond, please do so but get your response in to the Regulator before 11 January next year
Regulation Round Up is always a ‘must read’ for all firms and this issue is helpful for IFAs who have used structured products, particularly for those of you who used Lehmans as a market counterparty. As far as we hear, our clients have not had any complaints from the Lehman issue but if firms are suffering complaints, there’s a very useful template supplied by the FSA which you can access by following the link. The Round Up also has important information on the Mortgage Market Review, information for General Insurance Brokers and a list of training events for all firms.
Page 2, top article, summarises the FSA’s view of the insurance intermediary market and the news that the Regulator is working ‘positively and constructively with firms’. This may be the FSA’s view but we know that many firms have a rather different opinion.
We have attended all of the FSA seminars and the more recent ones are:
- Prudential requirements
- RDR
- What a good firm looks like
From these 3 very little is new other than the fact that the FSA is now much more intrusive and intensive and tightening up on all areas, but there is nothing new for firms that are already equipped with one of our Compliance and T&C Manuals. The main message must be to ‘follow rules and guidance and keep it all recorded’.
If we can be of service to firms with this or any other issue, please remember your helpline which is 08456 12 12 11 for a without obligation conversation or email admin@ifact.co.uk.
Kind regards
John Derry-Collins
FInst SM AMITD Fcol MInstD MIoD
Director
IFAct Services Ltd
Tel. No. 08456 121 211
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QBE Insurance (Europe) Limited “QIE” (No. 1761561) is authorised and regulated by the Financial Services Authority. Ensign is a trading name of QIE. Limit Underwriting Limited “LUL” (No. 1035198) is a managing agent for Syndicates at Lloyd’s and is authorised and regulated by the Financial Services Authority. DA Constable Syndicate Limited (No. 2262145) and Limit Technology & Commercial Underwriting Limited “LTCUL” (No. 3515409) are appointed representatives of LUL. Icon Insurance and Praemunio are trading names of LTCUL. QBE Management (UK) Limited (No. 3153567) is a service company and QBE International Holdings (UK) PLC (No. 2641728) is the holding company for QBE European Operations, a division of the QBE Insurance Group. The above companies are registered in England and Wales at Plantation Place, 30 Fenchurch Street, London EC3M 3BD. QBE Reinsurance (Europe) Limited (No. 53272) is registered in the Republic of Ireland at St. Stephen's Green House, Earlsfort Terrace, Dublin 2.
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