News

FCA Publishes coronavirus financial resilience survey data

 

Click below for further details…

https://www.fca.org.uk/data/coronavirus-financial-resilience-survey-data

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FCA fine Charles Schwab over £8 million

 

Click below for the full article….

FCA fines Charles Schwab UK £8.96 million over safeguarding and compliance failures | FCA

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Learning the Lessons from FCA intervention 22nd Jan 2021 (10 – 11am)

bitesize 

About the Webinar and our Speaker

As you know, Adrian Golifer joined us from the FCA and we are delighted to now also introduce you to Martyn Lewis who also worked for the FCA in the supervision department. He is a guest speaker in the first of our Bitesize Update sessions for 2021.

Martyn’s webinar will look at what mistakes lead to the FCA intervening, how the FCA expect a firm to respond and how firms can keep themselves out of trouble.

He will draw on some of the cases he has handled personally, though may not be able to “name the names” due to confidentiality.

(Please don’t be confused by the name. It’s not Martin the Money Saving expert, however by attending this session, this could save you time and money in the long run!)

FCA intervention can involve the firm in costly remedial work which can also place avoidable stress on the business.

Who will benefit from attending this?

We recommend that Senior Managers, Directors, Certified staff and those in your Compliance Department attend.

The Charge

For Create Solutions clients this Bitesize session is FREE of charge (places limited to 3 per firm).

For those who aren’t clients, the charge of just £69 plus vat per person.

To Book

We wanted to send this to you now,  to enable you put an entry in your brand new shiny 2021 diary and to kick start your CPD planning!

To book you places contact Deborah@createsolutions.co.uk

Come and hear from Martyn on some of the lessons learned from his years in Supervision. It should be an entertaining and enlightening start to the year.

The Details

Date 22nd January 2021

Time 10-11.00am

Delivered Via Zoom

(Zoom details will be sent to you approx. 1 week in advance)

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The FCA fines Barclays £26 million over treatment of customers in financial difficulty

 

Click the below link to read the complete article…

FCA fines Barclays £26 million over treatment of customers in financial difficulty | FCA

 

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FCA update guidance on Coronavirus and work place arrangements.

 

See click the link below…

 

https://www.fca.org.uk/news/statements/workplace-arrangements-work-related-travel

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Speech by Jonathan Davidson of the FCA

 

Speech by Jonathan Davidson of the FCA  “Acting flexibly and treating customers fairly in the face of a pandemic”

https://www.fca.org.uk/news/speeches/acting-flexibly-treating-customers-fairly-pandemic

 

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Booster – Making Training and Competence work for you

booster

 20th November 2020  10.00am – 11.00am

Book on this session 20th November 2020 – Your opportunity to learn more about the FCA’s expectations on training and maintaining staff competence following the introduction of the Senior Managers & Certification Regime (SM&CR) for solo-regulated firms, Code of Conduct (COCON) and Conduct Rules.

A must for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk/Compliance staff, HR/People staff, Certified staff and individuals who have responsibility for training and delivery and/or people strategy within the firm.

As a consequence of the global Coronavirus pandemic, firms have embraced the concept of remote working. However, this in itself has the potential to increase the risk of staff misconduct and makes it even more important that staff are competent and appropriately supervised. It is therefore essential that Senior Managers and relevant staff are aware of the potential risks arising from inadequate training and competence arrangements at their firms, and act now to make any required changes.

This Booster session is aimed at helping you understand how the FCA’s recent regulatory reforms could impact your firms existing training and competence arrangements, and highlight the things you need to be thinking about as part of your day-to-day regulatory obligations in order to benchmark your current training and competence activities.

The content will cover:

  • Assessing competence, training and maintaining competence
  • Requirements for supervision and supervisors
  • Evidencing and record keeping
  • Specific knowledge and competence requirements relating to the Insurance Distribution Directive (IDD)
  • The consequences of not taking this seriously
  • Questions and answers

Date: 20th November 2020

Time: 10-11.00am

Cost: Just £69 plus vat per person

Delivery: Via Zoom

Delegates will receive a certificate of attendance.

To book contact: email Deborah@createsolutions.co.uk or phone 0161 870 6637

 

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What you need to know about the FCA’s remedies to address GI pricing and product value concerns

 

bitesize

 Date: 24th November 2020

Time:10.00am- 11.00am

Delivery: Via Zoom (Details will be sent to you once you have booked your place)

Book on this session 24th November 2020 – Your opportunity to learn more about the FCA’s long awaited reforms to address pricing and product value concerns, so that you can start to consider their full impact on your firm’s business model.

A must for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk/Compliance staff, Operational staff and individuals who have responsibility for strategic planning, pricing/actuarial and sales & marketing within the firm.

Designed for General Insurance firms of all sizes.

The FCA recently published a consultation paper (CP20/19) on GI pricing practices remedies containing a ‘package of remedies’ to address what it sees as the issues identified in its GI pricing practices market study final report. The regulator anticipates these remedies will ensure firms provide fair value to all their customers, and will see an end to higher prices currently paid by some long-standing customers.

Remedies include:

  • A ban on differential pricing between new and existing customers
  • Enabling customers to cancel auto-renewal policies more easily
  • Extending current product governance rules to existing products
  • Constraining firms’ ability to use price optimisation techniques when setting prices

The FCA also proposes introducing additional reporting requirements by firms in respect of pricing, and an annual attestation by senior managers on compliance with the new regime.  It is therefore essential that Senior Managers and relevant staff start to engage with the FCA’s proposed reforms in order to think about how they will need to act to be ready for implementation in H2 2021.

This Bitesize session is aimed at raising awareness to the remedies proposed by the FCA to reform pricing and product value practices in the General Insurance market. It will give you an overview of the FCA’s proposals and intended rule changes so that you can consider the effect of these on your firm’s business model.

The content will cover:

  • Why FCA CP20/19 has been issued to addressGI pricing and product value concerns
  • An overview of the FCA’s proposed reforms
  • What your firm needs to start considering
  • The consequences of not taking this seriously
  • Questions and answers

To book: please contact deborah@createsolutions.co.uk with the names of the delegates.

The session is limited to 3 people per firms  (However if you would like more contact us and we will look to see if we can accommodate you)

If you are unable to attend once you have booked please let us know in advance so we can give your place to someone else.

There is no charge for this session for Create Solutions clients.  We are providing these in place of our face to face workshops and ensuring that we work with you on important topics and continue to keep you informed during this time of change .

 

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Avoiding Customer Harm Day 6th November – book your place now on either or both of these sessions!

 

booster

Avoiding Customer Harm Day 6th November – book your place now on either or both of these sessions!

 We are hosting an “Avoiding Customer Harm Day”, during which we will bring you 2 brand new sessions on Vulnerable Customers and Compliant Sales.

Because of the importance of these topics, and the FCA increased focus on customer harm, these Booster sessions will each be 2 hours but we are keeping them at the usual 1 hour cost of £69 plus vat per session. Both sessions will be very practical; they will have interaction, group work and look at case studies.  We have kept the cost low so that you can afford to have all of your key people attend them.

Booster Morning Session  10-12noon

Vulnerable Customers (including practical exercises)  

  • Background to the FCA’s focus on Vulnerable Customers, its recent Guidance Consultation GC20/03 and their expectations of firms and staff
  • What you need to know – practical tips for implementation including: FCA’s definition of vulnerability; drivers of vulnerability; identifying different types of vulnerable customers; and practical considerations such as staff awareness, product and service design, customer service, communications, monitoring and evaluation, Management Information and the  recording of MI.
  • Benefits of getting this right to your firm and to your Vulnerable Customers
  • Practical exercises with case studies highlighting the importance of identifying the drivers of vulnerability and the potential harm arising from not treating Vulnerable Customers fairly
  • Benchmarking & Action planning exercise

Booster Afternoon Session   2.00pm-4.00pm

Compliant Sales (Including practical exercises)

  • ICOBS overview & what a good sales process should look like (personal and commercial lines)
  • The FCA’s view of harm arising from non-compliant sales processes
  • The FCA’s expectations of TCF, Conduct Risk, Management Information, Oversight & Monitoring of sales
  • Practical exercise with case study to highlight aspects of poor practice and non-compliance within sales processes
  • Benchmarking & Action planning exercise

Who should attend:

These sessions are a must for Senior Managers, Directors, Compliance Personnel, Sales & Complaints Managers and Team Leaders, Risk Managers, Customer Service Agents, Training and Monitoring staff etc…Whether you are new to risk or compliance, or want to stay on top of your game, this is for you. Designed for General Insurance and Claims Management firms of all sizes.

Date: 6th November 2020

Booster morning session: 10.00am -12.00pm

Booster afternoon session: 2.00pm – 4.00pm

Cost: Just £69 plus vat per person (per Booster session)

Delivery: Via Zoom

There will be a short break(s) throughout the sessions and delegates will receive a certificate of attendance of attendance for each Booster session they attend.

To book contact: email Deborah@createsolutions.co.uk or phone 0161 870 6637

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How to maximise your opportunities in a hard market

infusion

Date: 21st October 2020  Time: 2.00pm – 3.00pm

‘If you can keep your head when all about you are losing theirs and blaming it on you. If you can trust yourself when all men doubt you, then yours is the hard insurance market and all the distressed clients within it.’ (an insurance version of Rudyard Kipling).

There have been hard markets before, there have been recessions before, but never have the two emerged with such force at the same time. Policyholders desperate for savings will be receiving the unwelcome news of significant premium increases.

The door of client inertia will be swung wide open, presenting fantastic new business opportunities, as well as offering serious threats to renewal books.

Alan will explain what constitutes a hard market and 10 things both brokers and underwriters must do to maximise opportunities in these unique trading conditions.

Many of the best brokers in the UK attribute their success to the last hard market of 2001. It became a turning point from which they never looked back. There will be big winners and losers again in 2020 just like 19 years ago.

 

Learning Objectives:

 

Delegates will be able to:

  • Understand the characteristics of a hard market.
  • Understand what is currently causing the hard market in the UK.
  • Understand how to communicate clearly to clients in a hard market.
  • Understand and be able to implement the ten key factors on how to maximise opportunities in a hard market and therefore become extremely successfulby growing their business in a difficult time.

This webinar, delivered by Alan Chandler, one of the most popular insurance presenters in the UK, is a follow on from his incredibly well received presentation on why there will be a hard market called the Perfect Storm.

To Book:

  • Please note the maximum number of attendees is 3 per firm (if you need more then please let us know and we will let you know if we have any spare places due to cancellations)
  • We will not be sending you a booking form for the webinar as it is a FREE webinar. However if you are unable to attend please let us know in advance so that we can offer your place to another person.
  • To book, please send the names and email addresses to claire@createsolutions.co.uk

The webinar will be delivered via ZOOM and log in details will be sent in advance of the session. Please ensure you have the appropriate software/apps and login details before the session.

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