The Financial Conduct Authority (FCA) has stressed the importance of transparency regarding consumer credit. The regulator published their final findings on motor finance back in March 2019 and their consultation paper on motor finance discretionary commission models and consumer credit commission disclosure in October 2019. These were prompted by a material rise in consumer credit, […]
Professional Indemnity Insurance
The National Franchised Dealers Association (NFDA) represents franchised car and commercial vehicle retailers in the UK. There are more than 4,500 franchise outlets in the UK and approximately 555,000 people working in the automotive retail sector. Working closely with Ed Buckley, National Membership Relations Manager, Peak Consultants are now an Associate Member of the NFDA
Motor finance: FCA consults on discretionary commission models and consumer credit commission disclosure On 15th October 2019 the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). The Consultation Paper proposes plans to ban commission models that give motor finance brokers/dealers an incentive to raise customers’ interest rates.
Are you ready for SMCR? The Senior Managers and Certification Regime (SMCR) comes into effect on the 9th December 2019 for solo-regulated firms. This affects all Financial Services and Markets Act (FSMA) authorised firms. SMCR represents a complete overhaul of the current Approved Persons Regime and will require a considerable amount of effort, resource and
Now we have provided our subscribers with the facts about Continuing Professional Development in our previous CPD article,we wanted to outline some key features and benefits we have at our disposal which will help you implement and monitor an effective CPD strategy – Why Peak Consultants? Peak Consultants have created e-learning modules, which can be
The Financial Conduct Authority (FCA) introduced Continuing Professional Development (CPD) that became a regulatory requirement for all insurance providers, intermediaries and professionals from 1st October 2018. The new requirement arises from the Insurance Distribution Directive that has passed into EU legislation after 4 years of debate and consultation. It replaces the Insurance Mediation Directive (IMD).
The FCA has published its Thematic Review into GI insurance distribution chains. The FCAs findings have highlighted and identified areas where there is potential of harm and poor outcomes for customers arising from the product development, sales and distribution approaches in some sectors of the GI market. The FCA’s Thematic Review highlights the importance of
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