Compliance

A compliance checklist

Use these questions to help assess whether you need to review your FCA compliance.
Insurers
  • Do you use suppliers in customer facing roles?
  • If so does this include managing non-fault claims?
  • Do your customers clearly understand what is happening?
  • Are all fee arrangements transparent and reasonable?
  • Do you effectively manage any conflicts of interest in use of suppliers?
  • Do you have evidence of formal and effective oversight of all supplier risk areas?
Brokers and intermediaries
  • How will you deal with the FCA business risk assessment initiative?
  • Can you evidence effective financial and general oversight of the business and its service providers?
  • Have you considered the cost saving and risk profile reducing step of not having permission to hold client money?
  • Could your sale of add-ons be interpreted as bundling?
  • Are all your fees disclosed and checked for reasonableness?
  • Do your customers know if they have been advised or not?
  • Have you dealt effectively with the risks of making sales on the internet?
  • Is your complaints procedure current and does it include a root cause analysis process?
  • Can you evidence that all staff are signed off as competent?
  • Can you demonstrate that you manage all conflicts of interest including and resulting from staff initiatives?

 For further support on all aspects on compliance, contact CWMC on 01327 830014 today.

 

 

Back to top
transparent gif