FCA talk Due Diligence…..

 

The FCA issued an article last week :

“We expect insurance brokers to demonstrate that they have carefully considered the insurers that they place their customers’ business with”

The concern comes after the failures of Alpha, Enterprise and Gable and they say that this demonstrated the harm that can be caused to customers as over 1 million policyholders had to find alternative insurance cover

They say that insurance brokers have a vital role to play and that they expect brokers to be able to demonstrate that suitable due diligence has been performed on the insurers that they place the customer’s business with

They give examples of due diligence you may want to conduct

We are updating our due diligence guide which is in our compliance library on our website  – Please see the managing business partners section

See the link to the FCA document on this subject

https://www.fca.org.uk/firms/insurance-brokers-due-diligence-insurers

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