As readers are now beginning to expect, there is the usual rash of enforcement notices and the one that’s a little unusual is the final notice to G&W 5 Ltd. This firm is having its Permissions cancelled and this is as a result of a TCF issue; specifically not settling a FOS award. Judging by this notice, a breach of Principle 6 (customers’ interests) can carry a very severe penalty.

The FSA’s Regulation Round Up, page 2, is always worth a read as it is short and succinct. It will be of particular interest to firms holding client money and raises the issue of ‘basic details’. All firms are responsible to ensure that their basic information or static information such as your name, address, contact names, numbers, etc. are up to date. We have had to assist firms that assumed that the notification to the FSA of a change of details via their RMAR is good enough. It must be a separate notification. May we suggest that you go onto the FSA website to check your static data. We always check this data at the very beginning of a compliance audit and we are often shocked as to how frequently we find errors.

Policy statements are always a somewhat tiresome read, particularly on subjects such as ‘Enforcement Financial Penalties’ but we would encourage firms to at least read the One Minute Guide which is again short, sharp and to the point. This link is provided at the bottom of page 3.

At the bottom of page 5 is a very brief summary of the excellent work that the CII has done with the Aldermanbury Declaration. The summary provides you with the bullet points of the Declaration but the full 28 page document is well worth a read as it seeks to raise the standards of both insurers and brokers and facilitates firms signing up to the Declaration which is an important step forward for firms that wish to work to the highest standards.

If we can be of any further assistance 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

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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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