FCA launches AR consultation to “address harm”
Regulator warns that there are “real risks of consumers being misled and mis-sold with little scope for recourse” as it proposes changes to the current model.
The Financial Conduct Authority (FCA) has launched a consultation aimed at improving the appointed representatives (AR) regime and tackling harm from this model.
The watchdog stated that it is currently seeing a wide range of harm across all sectors where firms have ARs.
It added that this often occurs because principals don’t perform enough due diligence before appointing an AR, or from inadequate oversight and control after an AR has been appointed.
Harm
The FCA detailed that its proposed
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
ABI among trade bodies slamming FCA proposals to name firms under investigation
The Association of British Insurers and the London & International Insurance Brokers’ Association are part of a group of 16 trade bodies that have signed a letter to the Chancellor asking for help to push back against the Financial Conduct Authority’s proposals to be able to name firms at the start of an investigation.
Hug Hub extranet offering sold to Endeavour Ventures
Endeavour Ventures has bought Hug Hub’s commercial lines focused digital quote platform, Extranet Hub, Insurance Age can reveal.
Q&A: Jonathan Davey
In his first interview since announcing his retirement on LinkedIn last week, former Primary, Keychoice, SSP and Hug Hub leader Jonathan Davey reflects on his time in the industry, and shares what is coming next, including his 28th trip to the Biba conference.
FCA defends investigation transparency proposals
The Financial Conduct Authority has responded to concerns raised by the House of Lords Financial Services Regulation Committee on its proposal to name firms under investigation.
Biba Conference 2024 countdown: Abacus’ Richard Burgess
With the Biba Conference on the horizon, Richard Burgess, CEO of Abacus, explains he has never had time to see a guest speaker and why he prefers Audible to Oasis.
LV claims director Milliner tipped for DLG role after exit
LV GI claims director Martin Milliner is to leave the insurer he joined in 2006, Insurance Age can reveal.
Howden grows presence in Wales with Cardiff office
Howden has opened an office in Cardiff as it seeks to be a prominent force in the commercial broking sector in South and West Wales.
Market Movement Index: should I stay or should I go?
New research from analyst Broker Insights shows there is plenty of commercial policy movement – particularly in lower premium classes – which indicates strong competition and adequate capacity. But do brokers agree? Rachel Gordon reports.
Most read
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace
- Zurich strikes five-year capacity deal with MGA Freedom Services