For those of you who missed our last compliance newsletter this can be viewed here.
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed here.
FINANCIAL OMBUDSMAN NEWS
The Ombudsman has issued their annual 2015/2016 review. A copy of this newsletter can be seen here.
The IUA have issued their May newsletter which looks at the insurance act 2015 and a number of other factors which influences the London market. Click here for the newsletter.
INFORMATION COMMISSIONER NEWSLETTER 2015
The Information Commissioner has issued their May newsletter which can be downloaded here.
Associate members PKF Littlejohn have issued an update on the VAT position post the March Budget. They also explore recent European Court of Justice position on a number of important cases. You can read more here.
MOVING INSURANCE TEAMS
Earlier this year the Association’s Conduct and Ethics Committee reviewed the position regarding teams of insurance personnel moving from one insurance business to another. There are obviously employment contract issues involved, therefore we asked our legal advisors EC3/Legal to write a paper addressing some of the issues around this problem. To read this article, click here.
LLOYD’S MEET THE MARKET - BIRMINGHAM
Lloyd’s is delighted to invite you and your colleagues to their regional ‘Meet the Market’ event which will take place on Wednesday 7th October 2015 at the Hilton Metropole in Birmingham.
Please register here.
FCA – THEMATIC REVIEW ON SME CLAIMS
Members will recall that FCA visited the MGAA in June 2014 to discuss how MGAs handle SME claims. This was part of the FCA’s process in scoping out a thematic review prior to their findings being taken to the FCA board for approval.
On Friday 22nd May 2015 the FCA held a seminar, hosted by Simon Green - Head of General Insurance & Protection, where they detailed their findings and identified potential failings highlighted by the thematic review. This analysis was based around 200 claimants and the FCA used the services of a loss adjuster in a “deep dive” into a select number of claims files to establish some of the identified failings.
The FCA carried out this review as they “wanted to understand the extent to which claims from SMEs who are less likely to be sophisticated customers and who often exhibit similar knowledge and experience to that of retail consumers, were handled promptly and fairly. We also wanted to understand the role that different firms played in the handling of claims, particularly given the prevalence of outsourcing of claims by insurers.”
The FCA consulted 25 firms, including 5 MGAs, and as part of this review interviewed senior managers and claims handlers. Due to the potential size of this review the FCA restricted their investigation to first party claimants where the claim was settled for in excess of £ 5,000. This review excluded motor, liability and indemnity policy claims and related to claims which occurred in the previous two years. For further details click here.