News

FCA Business Plan 2021/22

 

FCA Business Plan 2021/22

https://www.fca.org.uk/publications/business-plans/2021-22

A number of topics are highlighted on the landing page:

  • CEO message
  • FCA change/transformation
  • Consumer priorities
  • enabling effective consumer investment decisions;
  • ensuring consumer credit markets work well;
  • making payments safe and accessible; and
  • delivering fair value in a digital age
  • Consumer Duty
  • Wholesale market and its priorities
  • Diversity and inclusion
  • Environmental, Social & Governance
  • International priorities
  • Fraud
  • Financial resilience
  • Op resilience
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Important update webinar now the FCA’s Final Rules published – General Insurance Pricing Practices Market Study

apple

 

Date: 15th July 2021

Time: 2.00pm (1 hour webinar)

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

Book on this session …

The FCA recently published its Policy Statement (PS 21/5), May 2021, containing its feedback and final rules on the General insurance pricing practices market study.

The Policy Statement outlines the regulator’s ‘package of remedies’ to address what it sees as the issues identified in its general insurance pricing practices market study final report. The regulator anticipates these remedies will ensure firms provide fair value to all their customers, including commercial ones (not just motor and household) and will see an end to higher prices currently paid by some long-standing customers.

This is a lengthy and significant collection of new regulatory expectations, that will have a considerable impact on many firms.

The expectations do not come into force all at the same time, and will not affect all firms in the same way – but this session will aim to explain all of this, in order to aid your understanding of the new expectations.  There are some key dates which are just months away and others effective from next year.

This webinar is your opportunity to learn more about the FCA’s finalised rules and guidance aimed at addressing pricing and product value concerns, so that you can consider their impact on your firm’s business model.

It is therefore essential that Senior Managers and relevant staff start to engage with the FCA’s finalised rules in order to think about how they will need to act to be ready for implementation.   This session is 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 a firm.

In brief, the areas of focus are:

  • Auto Renewal
  • Premium Finance
  • Home and Motor Pricing
  • Home and Motor Reporting
  • Product Governance and Oversight
  • 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.

What we will look at in the session:

  • Why FCA PS21/5, May 2021, has been issued to address GI 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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Grab your coffee and your notebook once again!

 

Following the success of our recent Vulnerability focus events, we are pleased to announce the third of these FREE sessions for our clients.

In this third session we will focus on the FCA’s expectations in respect of Customer Service, to ensure your firm delivers appropriate customer service that responds flexibly to the needs of vulnerable customers.

As a recap, the aim of these sessions is to promote not only a greater understanding of Vulnerability, but to come together to share best practice and up our game in this very important area.

The FCA has released its final Guidance, and we are confident that firms will be asked in future what they have done about it!

These sessions are not training sessions – you do the talking! We are here to facilitate.

The sessions will encourage debate, questioning, discuss common issues and challenges, benchmark your implementation progress, and also share best practice.

You will also throughout the sessions pick up and learn the latest thinking from the FCA.

The next FREE session is on:

Date: 30th June 2021

Time: 9.15am -10.15am

Held: via Zoom

These sessions are ideal for anyone who has a responsibility for implementing an effective Vulnerability strategy within their firm, and for those who are hungry for improvement in their business which ultimately will help all stakeholders.

 

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PS21/5 – General Insurance Pricing practices market study

 

Recent market study released, please click link below for further information

ps21-5

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All you need to know about Insurance in a morning! June 2nd 9.30am -12.30pm

AYN morning

Our incredibly popular course ‘All you need to know about Insurance in a Day’ has been running for over 15 years and hundreds of people from our industry have benefited from attending in helping them gain some basic but wide and varied knowledge about insurance and our industry to help them in their jobs.

As we all know by now, things have changed and at present we are we are unable to deliver the face to face training sessions, however we are delighted to announce that we are offering a virtual 3 hour ‘All you need to know about Insurance’ training session to the market.

This is ideal for those who have attended our one day course already to do as a refresher.

NEW – it will also touch briefly on some important but timely regulatory issues such as a the Code of Conduct for staff  and Vulnerable Customers. (Topics which are high on the regulatory agenda). This will reinforce the importance of the training you have already provided.

This is a very popular course, and is now even easier to engage and book staff on it as it saves on travel time and expenses and is nice compact and engaging session.

It is an ideal opportunity to invest in your staff, refresh their knowledge and remind them what an important, valuable and interesting industry we work in.

This is an ideal foundation course for anyone working in insurance

Here’s what we will cover:

  • The Key important regulatory things you should know about – How we are regulated, FCA principles, an overview of the Code of Conduct and Vulnerable customers
  • What is Insurance and why we have it?
  • The Insurance Market and the changing face of our industry
  • How insurance works
  • The insurance principles
  • The different types of insurance – you will be amazed at what can be insured!
  • How insurance is transacted
  • A brief look at Underwriting and Claims practices
  • What they don’t tell you in the text books

At the end of the course delegates will receive a certificate of attendance afterwards for their training and development files.

It is ideal for those who have not had any formal insurance training, those who are embarking upon their insurance exams, those who are changing job roles and those who would benefit from a refresher in these topics.

The session will be for 3 hours (and will include a few breaks for you to recharge your coffee cup).

Time: 9.30-12.30pm

Date: 2nd June 2021

Our Trainer: Alan Chandler  (a very experienced, professional and engaging Trainer who has trained 1000’s of people on Insurance technical topics and exams subjects since early Spring)

The cost of the session is just £59 plus vat and will be delivered via ZOOM. To book contact Deborah@createsolutions.co.uk

 

 

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The FCA have set out plans for a new Consumer Duty

 

Click the link below for further details…

https://www.fca.org.uk/publications/consultation-papers/cp21-13-new-consumer-duty

 

 

 

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Alsford Page and Gems Ltd

 

Firm censured and agrees to pay extended warranty insurance customers £399,902

Please see below….

Final Notice April 2021 – alsford-page-and-gems-limited

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The Insurance Institute of Manchester Improving Wellbeing with the Power of Singing

Online

Friday 14th May 2021
12pm – 1pm

Book you place today

Save to calendar 

- Elaine Craig 

- Dan McDwyer

Our Miindful Manchester Supporters group have been busy over the past months putting on events and sessions to promote Wellbeing.

It is Mental health Awareness week 10th-16th May 2021 and next on our agenda is a CPD with a difference. An event where we will focus on improving wellbeing with the power of singing.

Research has shown that singing can be good for you on many levels including helping enhance memory, improve mental health, help lower stress and  it can have behavioural benefits for people with Alzheimer’s disease and other types of Dementia.

Some of us may be suffering from Zoom fatigue, but this session may be just the tonic! Give your vocal chords a workout and experience it for yourself *

Some may think that it’s ‘not for me as I can’t sing’, but one of the best things about singing is that you don’t have to be good at it to reap the rewards, which you will hear about on the day!

This is also about the insurance community collaborating and doing something together which will be fun and memorable.

The objectives of this session:

  • To understand how singing can help wellbeing and mental health.
  • Hear from a choir member about her experience of being part of a choir and the benefits to setting up and workplace choir.
  • Have some fun and experience it for yourself – exercise your vocal chords with Dan and learn the chorus of a song that his choir (Bee Vocal) sang at the Royal Variety performance

* It’s entirely up to attendees if they participate in the singing section but we encourage as many people to take part as possible.

If taking part check your surroundings are suitable, plus you will need to have your audio and a video camera activated for the session.

We are extremely delighted to have secured Dan McDwyer and Elaine Craig to join us for our event and they will inform and entertain us.

 

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Lands’ End to John O’Groats – Virtual Challenge

The Insurance Institute of Manchester

Lands’ End to John O’Groats – Virtual Challenge

The Manchester Insurance Institute is excited to announce that they would like to challenge members and non-members in travelling the length of the UK in a Virtual Walking Challenge from Lands’ End to John O’Groats – over 1000 miles!

Before you think “I am not fit enough to do this”, there is no minimum or maximum number of miles you need to complete so don’t feel you have to commit to a certain amount of mileage – you set your own personal goal.

Looking after ourselves physically and mentally are both very important and some of us may be feeling ready to put a spring back in our step, get motivated and look and feel better for the summer. Staying active is a great way to boost our wellbeing.

There is no limit to how many we can have on our team, but 20 to 30 participants would be great (even if you can contribute 10, 20, 50 or 100 miles to the journey that’s certainly something worth shouting about!). Obviously, the more people we have on the team, the sooner we will complete it. Our distances will be combined, and we will conquer this as a team.

Each time you complete a distance-based exercise, you then enter your distance on the dedicated app and we can see where our team is advancing along the map of the UK.

How to enter: 

  • Have a look at the Virtual challenge website www.theconqueror.events/lejog/
  • The challenge will start on 1st May 2021 and our target completion date is 12th June 2021
  • Individuals will enter the challenge using the Conqueror app and we will be able to track our progress as a team. You can update and track your progress manually or by syncing your activities from your favourite tracker or smartwatch (details are on the Conqueror website).
  • Distance based exercises can for example include, Cycling (indoor and outdoor), Rowing, Walking, Running, Skiing, Swimming, Wheelchair etc
  • Conqueror also plant real trees as we advance, and we will even receive virtual postcards when we reach certain milestones!
  • There is a charge to enter the challenge of £34.95 per person which individual entrants pay and once completed you will receive a stunning medal from Conqueror. (Now wouldn’t that be a great item to have in your life box).
  • Once signed up to enter the challenge, we will give you a code to join our team and you can meet your team-mates.

There are many ways you can take part and why not make this something you do with your friends, family, colleagues etc (obviously following government guidelines). You may want to also raise money for a local charity.

Create Solutions are sponsoring this event and have agreed to pay the equivalent of 7 entry fees to the Challenge to support the Alzheimer’s society www.alzheimers.org.uk

Start your fitness journey. Send an e-mail to Karen@createsolutions.co.uk by Monday 19th April 2021 if you want to take part and we will contact you with further information to join us on this exciting journey of the length of the UK.

www.cii.co.uk/manchester

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Whistleblowing – The FCA and the risks to your business – Take action now!

booster

 

The FCA has doubled the size of its whistleblowing team and last week they launched a Whistleblowing campaign. See the link here  https://bit.ly/3d7tVSt.

This is your opportunity to learn more about the FCA’s Whistleblowing requirements and to make sure you have evidence that all staff know they can report serious concerns to the FCA. More importantly, do you really want your staff reporting you to the FCA?

You need to do four things.

  1. Make sure your business has effective procedures to enable staff to raise concerns internally.
  2. Make sure you know what is going on in your business, especially with home-workers.
  3. Make sure you understand what the FCA expect you to do.
  4. Make sure you understand the consequences of taking no action.

Book on this Booster session. The presenters are both ex FCA supervisory staff.

 The session is designed for General Insurance and Claims Management firms of all sizes.

 Attendance is a must for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk / Compliance staff and any other staff with Operational responsibility.

Date: 21st May 2021

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.ukor phone 0161 870 6637

 

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