In terms of volume this week’s Newsletter is relatively lightweight, but in terms of content some serious reading, particularly for Directors and Senior Managers who we know constitute a large section of our readership.

The banner headline ‘FSA bans London-based mortgage broker’ is a headline we see all too frequently but if you read on, the ban is the result of the firm not completing due diligence on an introducer. We have supplied numerous Intermediaries with Introducer Agreements and we always include the statement, ‘Don’t forget to take references and undertake due diligence.’ We frequently receive the reply, ‘No, it’s OK because we know this firm.’ Please be advised – Never assume. There must be evidence on file of completing due diligence satisfactorily.

Whilst on the subject of monitoring other firms, the second article page 3 summarises a principal firm being fined for not controlling the compliant affairs of one of its Appointed Representatives (AR). ARs can be very good news but only when the Senior Management Systems and Controls (SYSC) is adequate for the task.

If we can be of any further asistance on these or any other regulatory subjects, please remember your helpline 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

To view this report you will need Adobe Reader installed on your computer. Download Here
If you are unable to view the attached newsletter you may view it from our archive page
If you do not want to receive any more newsletters please visit our subscriptions page using the link at the bottom of this email.

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.

CONFIDENTIALITY NOTICE
This e-mail is intended only for the addressee named above. As this e-mail may contain confidential or privileged information, if you are not the named addressee or the person responsible for delivering the message to the named addressee, please telephone us immediately on +44 (0)20 7105 4000.

Visit our website at http://www.QBE.com/