Two new regulators replaced the Financial Services Authority (FSA) on 1 April 2013. The Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
The FCA brings with it a new approach to conduct regulation. It intends to be more judgment led, forward looking and interventionist with a focus on firms' business models and the potential risks that their activities pose to consumers and financial stability.
Keeping up with the changes will be critically important for BIBA members of all sizes. This section of the BIBA website aims to help members do just that. It is dedicated to regulatory and compliance matters and acts as a repository of information for members, allowing them to access the information they want, when they want it.
Members can access the following information by clicking on the links above:
1. Regulation Updates – BIBA issues Regulation Updates on a regular basis to alert members to regulatory developments – from the
publication of FSA papers to clarity on rule interpretation.
2. Compliance Rules – BIBA’s quarterly newsletter on all things regulatory. This page provides links to the latest edition plus all back issues.
3. Forms and Templates - this section lists some of the more common documentation that BIBA members may need during the course of business.
4. BIBA Compliance Initiative – Working together with Branko Ltd, the BIBA Compliance Initiative incorporates a range of compliance facilities at competitive rates.
5. BIBA Compliance Manual – an essential tool written in plain English which not only helps you understand what the rules mean but then how to
implement effective compliance within your own firm. The manual is priced at an extremely competitive £402.50 inc. VAT.
6. BIBA Compliance Manual Update – full details of the annual update service for the BIBA Compliance Manual is available here.
7. Useful Links - The FCA’s website contains an enormous volume of information, but finding what you are looking for is not always easy.
This section provides links to some of the more relevant pages for insurance intermediaries from the FCA and other bodies that have a bearing on the industry.
8. Broker Assess – BIBA and the CII have developed an industry solution for knowledge competency assessment for the broker market. We have developed a
comprehensive, co-ordinated range of online learning and assessment tools, specifically designed for the general insurance broking profession: broker ASSESS.
9. Contacts –
If you have any specific regulation or compliance issues please email firstname.lastname@example.org