News

Good Cyber Security – document issued by the FCA

 

Good Cyber Security – document issued by the FCA

The FCA have published the following document to help firms asses if they are protecting themselves against cyberattacks. We are bringing this document to your attention so that you can use this to help assess your current status and include as part of your Risk assessments/discuss at your Board/Management meetings.

The FCA document includes some points relating to effective cyber security, reporting a material cyber incident under Principle 11 of the FCA Handbook and also how to do this.

It also includes some other useful website links you may want to look at

Click here to view the FCA document

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Compliance Update Workshop 6th July 2017

 

On 6th July 2017 we will be holding our summer Compliance Update Workshop for our clients at the Mere Hotel in Knutsford, Cheshire.

The workshop starts at 9.00am with coffee, registration and breakfast. The session will then start at 9.30am and finish at 12.00 noon

What we will cover

The FCA  have recently published their Business Plan and Mission for 2017/2018. It  explains their priorities over the next year and during the workshop we will look at this but also focus on some of the main areas that will affect you including:

  • The introduction of the Insurance Distribution Directive
  • The new GDPR General Data Protection Regulation
  • The Senior Managers Regime - what this is and what you will need to do

Where

Our venue for this workshop is:

The Mere Golf Resort and Spa

Chester Road, Mere Knutsford WA16 6LJ

See website on how to find it  www.themereresort.co.uk

Book your place

Can you please let us know if you are able to attend and who will be attending from your firm by Friday 23rd June 2017 for catering purposes. Please also let us know if you have any special dietary requirements. Please confirm your attendance to Deborah Leech  Deborah@createsolutions.co.uk or phone the office on 0161 870 6637

We look forward to seeing  there on the day.

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FCA publishes Business Plan for 2017/18

The FCA this week has published its Business Plan for 2017/18, along with its Mission, Sector Views and a Consultation on Regulated Fees and Levies.

The various documents will be of interest to all Insurance Intermediaries, and we invite you to review them.

All the documents mentioned can be found on the FCA’s website on this page.

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Car Insurance Premiums predicted to reach record high

According to analysis from Confused.com, the annual cost of Car Insurance in the first quarter of 2017 is £781. This is an increase of £110 compared to the same period in 2016.

The highest recorded costs were an average of £858 in 2011.

The main reasons for the continued increases are fraud, rising repair costs and a number of tax increases.

Insurance Premium Tax (IPT) is continuously increasing – with another jump to 12% in June. Back in 1994 it was just 2.5%, rising to 4% in 1997, then 5% in 1999 and staying at that rate until 2011. That year it increased modestly to just 6%, then a leap to 9.5% in 2015, 10% in 2016, and this year increases again.

Effective last month, the Lord Chancellor altered the Ogden rate (the rate used by courts when applying a calculation to returns, for victims who receive lump-sum compensation payments) from 2.5% to minus 0.75%. What this means is that the amount Insurers will have to pay out has significantly increased, and this is expected to be passed on to Customers.

Experts are now predicting that in 2018, the 2011 record may even be broken, with Confused.com’s spokesman stating they may rise on average to over £1000.

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Compliance Update Workshop!

 

Important Compliance & Regulatory Update session

The next Compliance Update Workshop is being held on 6th July 2017 at The Mere Golf Resort and Spa in Knutsford.  9am registration for a 9.30 start -  finish 12 noon.

Further details will follow…..

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Are you going to the BREXIT lecture?

 

Mike, Karen, Tracy and Matt will be attending the IIM lecture at the Friends Meeting House on 19th April. If you would like to attend, there is still time to book…..

Book now!

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IIM Newclass – ‘Dealing with Difficult People’

 

Today we delivered a workshop to the IIM Newclass group – ‘Dealing with Difficult People’. Thank you to Aon for hosting the session in Manchester. It was great to meet the class of 2017

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Fantastic day on Friday at the ‘All you need to know about Insurance course’

 

We received some fantastic feedback from the delegates:

- Great chance to learn the basics of the insurance world

- Fun day

- Informative insight into insurance

- Educational, practical and key basics for success in the insurance industry

Contact us for future courses……Photos of room

 

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Government to bring in fixed tariffs for Whiplash pay-outs!

 

Claims without medical evidence to be banned.

The Ministry of Justice (MoJ) has unveiled the Prisons and Courts Bill stating it would pave the way for the biggest overhaul of prisons in a generation and the delivery of a world-class court system.

In among the details from the department led by Justice Secretary Elizabeth Truss was an update on whiplash compensation reform. The MoJ confirmed that there would be new fixed tariffs capping whiplash compensation pay-outs.

To learn more see this article 

 

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FCA: Live & Local

 

The FCA are running  new regional programme of events – FCA: Live & Local – across the whole of the UK for investment, general insurance  and mortgage firms. There are a number of events across a region during a month and you can book as many as you want to attend.

Available events: our core programme includes:

  • Positive compliance: investment – the advice process
  • Positive compliance: mortgages – the advice process
  • Presentation: culture and governance – a general insurance focus
  • Workshop: investment – professional governance within financial advice business
  • Workshop: general insurance – delivery fair outcomes for consumers
  • Industry roundtables: an opportunity to pose questions to an expert panel made up of FCA and industry representatives
  • One-to-one surgery with one of our supervisors

We will also be holding ad-hoc events such as lunch with the Chairman.

Upcoming Events

South East Feb 2017

North West March 2017

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