The Financial Conduct Authority (FCA) outlines actions for insurance firms to take in the control and oversight of their appointed representatives
The FCA's findings from its thematic review of appointed representatives (ARs) in the general insurance sector do not make pretty reading for principal firms and their approved persons.
It found that more than 50% of firms in the sample “could not consistently demonstrate that they had effective risk management and control frameworks to identify and manage the risks arising from their appointed representatives’ activities”.
We have outlined the key points in the attached briefing, which covers:
- Key FCA concerns over shortcomings and actions to take
- What the review means for you?
- How we can help
For further help on this topic, please get in touch with the contacts in the briefing or visit our Insurance page for further information.