Professional Indemnity Insurance

Professional Indemnity Insurance (PII) Does your cover meet the FCA requirements?

The FCA has reviewed the Professional Indemnity Insurance (PII) policies of 200 general insurance intermediaries and compared the cover of those policies against the rule requirements detailed in the Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU). This thematic review is of relevance not only for intermediaries’ own policies, but also …

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FCA Clarifies Motor Finance by Peak Consultants

FCA acts to address unclarity

The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector and has uncovered “serious concerns” about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor …

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FCA Handbook, Automotive Compliance

PROD now in the FCA handbook

The Insurance Distribution Directive requirements has meant that the FCA has introduced a completely new section to its handbook, called PROD, which can be found via this link: https://www.handbook.fca.org.uk/handbook/PROD/4/1.html?date=2018-10-01 PROD stipulates the rules surrounding product governance: including the design, approval, testing and identifying the target market of products, assessing distribution channels and monitoring product performance. …

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Risk Management Solutions by Peak Consultants

Are New Risks Really New?

The world is undergoing a pace of change unlike anything that we’ve experienced in history. Most of that change is technological, but the technology is driving cultural change as well. Not much more than 100 years ago news could take months or years to reach people far from the event, it now takes only seconds. …

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Climate Change Consultancy by Peak Consultants

FCA moves to force firms to disclose climate risk management

The Financial Conduct Authority (FCA) has proposed measures that would force financial services firms to publicly disclose how they manage climate risk, as the regulator takes steps to limit the sector’s contribution to the “disruptive and potentially irreversible threat to the planet” of climate change. In a consultation paper published on Monday (15 October), the …

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