This comprehensive and interactive joint Insurance Institute of London (IIL) and Branko Limited webinar will focus on the FCA’s new supervision strategy for general insurance brokers and will address head-on the key issues around selling and advice as featured in the ‘Dear CEO’ letter.
In the FCA’s ‘Dear CEO’ letter of 4 September 2020, it sets out a new supervision strategy for GI brokers, as it believes customers are buying unsuitable or poor value products; that insufficient or unclear information is being provided at point of sale and inappropriate sales tactics are the biggest contributors of customer harm.
In addition, it is very clear from the FCA’s ground-breaking test case on business interruption insurance that insurers cite the clear accountability of brokers in the consideration of clients’ demands and needs; the advice that they gave and the explanation as to what is and is not covered. However, in the 66 events Branko has delivered tor CII local institutes during lockdown, he does not dispute that it is the insurers’ interpretation of their wordings that is at issue here and not the advice given by brokers.
While there is no judgment, there is an immediate exposure to brokers with the costs of PI cover going through the roof and the potential for claims to be made against brokers should the FCA not secure a conclusive win. This one hour event will highlight the issues for brokers all of whom will have arranged these covers for clients (and some will be classed as co-manufacturers under PROD) and encourage them to reassess their advice process under ICOBS and their overriding professional duty to clients.
By the end of this webinar attendees will have gained an insight into:
• The FCA’s new supervision strategy for GI brokers
• The threat to brokers in terms of the advice process
• ICOBS and how to ensure your sales process is robust (demands and needs, suitability, advice/personal recommendation, explanation of cover and summaries of cover)
• Other relevant ICOBS and IDD requirements to include compulsory training, product oversight and governance and conflicts of interest
This webinar is relevant to all client-facing staff and the firm’s senior managers at broking firms, insurers and anyone with an interest in general insurance.