The news of Bradford & Bingley's £650,000 fine from the Financial Services Authority (FSA) for mis-selling of precipice bonds may appear on the face of it to contain few lessons for the insurance broking community.
However a closer look quickly shows its direct relevance in terms of risk management. As we well know, high standards of risk management are key criteria when underwriters are quoting for the professional indemnity (PI) insurance of a broking business.
The FSA highlighted failures
- Legal Protection Group confirms loss of Inter Hannover capacity
- Towergate’s Andy Parkin resurfaces at Gauntlet
- Laurent Matras takes interim Axa retail MD role as Gareth Howell departs
- Profits up at Allianz in 2018
- Consolidation opens up opportunities, says Romero boss
- Ghost broker jailed for two years
- Up to 275 jobs at risk at Axa XL in the UK