Dear [FIRSTNAME],
Our first article, CP10/12 Competence and Ethics, is MUST read for all firms which have any retail clients. We often hear from firms that ‘”This does not apply to us. We only have a few retail clients.” It does apply and the FSA will be checking. There are two elements to this paper; the competence of the individuals including qualifications, and your firm’s ethics. This is an extension of the TCF theme and, of course, is a Senior Management issue.
JP Morgan Securities Ltd. has been fined £33.32 million which should help to keep the fees down for next year but the more important point is that the FSA has client money as a hot topic and we strongly recommend that all firms audit their client money procedures, including agreements with banks, due diligence taken out on banks and all risk transfer agreements with product providers.
Critical illness insurance is a high risk product and the two articles from the ABI, top of page 5 and top of page 6, are helpful in that they provide additional clarity on a complicated subject.
If we can be of further service on these or any other regulatory matters 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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