This article is the second of two regarding the right to commission and concerns the recent Supreme Court decision in the combined appeals of Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited, and Hopcraft v Close Brothers regarding commissions earned in respect of standard motor finance arrangements. Please find our first article in […]
Entitlement to Commission (Part 2) – Johnson v FirstRand Bank Read More »
The Senior Managers and Certification Regime (SM&CR) has been part of the regulation of the UK financial services sector for a number of years. This was implemented initially in the banking sector in 2016 and rolled out fully to Insurers in 2018. It has attracted criticism as being unwieldly, inappropriate and deterring people from assuming
Calls for change to the Senior Managers and Certification Regime Read More »
The Office of Financial Sanctions Implementation’s Threat Assessment Report looks at key threats in respect of compliance by UK financial services institutions – including insurers, banks, and auditors, which are deemed to be professional enablers – in response to an increase in DPs using third parties to evade sanctions, particularly Russia related sanctions. The report
In the second of two articles on Appointed Representatives, partner Tim Goodger considers changes impacting the appointed representative regime for insurance. The Financial Conduct Authority (FCA) is focusing on the under-belly of the insurance intermediary market, the world of appointed representatives (ARs). By doing so, it addresses the perception that this aspect of the insurance
Monitoring and reporting on appointed representatives Read More »
The enactment of the Economic Crime and Corporate Transparency Act 2003 (ECCTA), which received Royal Assent on 26 October 2023, heralds a transformative shift in the governments response to combatting economic crime. Our previous article set out the new administrative requirements imposed on LPs, introduced to increase transparency, and encourage better corporate governance, and can
Economic Crime and Corporate Transparency Act 2003 Read More »
Incoming changes to the FCA’s Appointed Representative Regime In August 2022 the Financial Conduct Authority (FCA) published a policy statement titled: Improvements to the Appointed Representatives regime in relation to its Consultation Paper 21/34. The FCA’s purpose in publishing this policy statement is to address concerns over potential failures in the due diligence of authorised
Incoming changes to the FCA’s Appointed Representative Regime Read More »
