Regulation Updates – British Insurance Brokers' Association https://www.biba.org.uk The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation Wed, 13 Dec 2017 16:30:43 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.4 Y5141 – EU/EEA Insurance Premium Tax Reporting Requirements https://www.biba.org.uk/regulation-updates/y5141-eueea-insurance-premium-tax-reporting-requirements/ Fri, 08 Dec 2017 15:42:23 +0000 https://www.biba.org.uk/?p=28569 This is to advise that a new Market Bulletin has been issued and is now available via the Lloyd’s website. Please go to www.lloyds.com/marketbulletins for more

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This is to advise that a new Market Bulletin has been issued and is now available via the Lloyd’s website. Please go to www.lloyds.com/marketbulletins for more details.

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Xchanging Market Communication – 2017/120 Delays in Premium Processing att 2 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017120-delays-premium-processing-att-2/ Wed, 06 Dec 2017 14:59:29 +0000 https://www.biba.org.uk/?p=28565 The post Xchanging Market Communication – 2017/120 Delays in Premium Processing att 2 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/120 Delays in Premium Processing att 1 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017120-delays-premium-processing-att-1/ Wed, 06 Dec 2017 14:58:21 +0000 https://www.biba.org.uk/?p=28562 The post Xchanging Market Communication – 2017/120 Delays in Premium Processing att 1 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/120 Delays in Premium Processing https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017120-delays-premium-processing/ Wed, 06 Dec 2017 14:56:38 +0000 https://www.biba.org.uk/?p=28559 The post Xchanging Market Communication – 2017/120 Delays in Premium Processing appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/119 System Availability Friday 8 December – 10 December 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017119-system-availability-friday-8-december-10-december-2017/ Mon, 04 Dec 2017 16:03:40 +0000 https://www.biba.org.uk/?p=28551 The post Xchanging Market Communication – 2017/119 System Availability Friday 8 December – 10 December 2017 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/114 Weekend System Availability For December 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017114-weekend-system-availability-december-2017/ Thu, 30 Nov 2017 12:24:50 +0000 https://www.biba.org.uk/?p=28519 The post Xchanging Market Communication – 2017/114 Weekend System Availability For December 2017 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/111 Delays in Premium Processing att 2 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017111-delays-premium-processing-att-2/ Thu, 30 Nov 2017 10:42:19 +0000 https://www.biba.org.uk/?p=28516 The post Xchanging Market Communication – 2017/111 Delays in Premium Processing att 2 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/111 Delays in Premium Processing att 1 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017111-delays-premium-processing-att-1/ Thu, 30 Nov 2017 10:41:20 +0000 https://www.biba.org.uk/?p=28513 The post Xchanging Market Communication – 2017/111 Delays in Premium Processing att 1 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/111 Delays in Premium Processing https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017111-delays-premium-processing/ Thu, 30 Nov 2017 10:39:42 +0000 https://www.biba.org.uk/?p=28510 The post Xchanging Market Communication – 2017/111 Delays in Premium Processing appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/110 2017 End of Year Processing https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017110-2017-end-year-processing/ Mon, 27 Nov 2017 14:21:25 +0000 https://www.biba.org.uk/?p=28479 The post Xchanging Market Communication – 2017/110 2017 End of Year Processing appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/108 System Availability Friday 24 November to Sunday 10 December 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017108-system-availability-friday-24-november-sunday-10-december-2017/ Wed, 22 Nov 2017 16:02:05 +0000 https://www.biba.org.uk/?p=28435 The post Xchanging Market Communication – 2017/108 System Availability Friday 24 November to Sunday 10 December 2017 appeared first on British Insurance Brokers' Association.

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REG UPDATE 567 – FCA publishes proposals for regulatory fees and levies in 2018/19 https://www.biba.org.uk/regulation-updates/reg-update-566-fca-publishes-proposals-regulatory-fees-levies-201819/ Tue, 14 Nov 2017 09:48:54 +0000 https://www.biba.org.uk/?p=28310 The Financial Conduct Authority (FCA) has published Consultation Paper 17/38 (CP17/38) setting out the proposed policy changes to the way that regulatory fees and levies

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The Financial Conduct Authority (FCA) has published Consultation Paper 17/38 (CP17/38) setting out the proposed policy changes to the way that regulatory fees and levies are raised for 2018/19.   Members may access the document by clicking here.

Chapter 2 of the paper covers the tariff data measure which is used to calculate insurers’ FCA periodic fees and the Financial Ombudsman Service (FOS) annual Compulsory Jurisdiction levies from 2018/19.  The consultation paper proposes, among other things, requiring insurers to no longer differentiate ‘relevant’ business (ie business conducted with consumers) when calculating their fees to the FOS.  This requirement appears not to apply to general insurance intermediary firms which also report data relating to relevant business (see Appendix 1, Annex B page 16 of 22 of the proposed amendments in the paper) but BIBA will be seeking clarification of this point.

Chapter 6 of the paper seeks views on whether all fee payers should be required to receive their fees invoices via the FCA’s online invoicing system from 2019/20.  Firms choosing to continue with paper invoices would be charged an administrative fee. The regulator is proposing that firms would be charged £50-£100 in order to continue receiving paper invoices.  The FCA would consult on any new rules in this area next year.

The consultation period on CP17/38 closes on 15 January 2018.  The FCA will consider any comments received and publish feedback, along with its rules, in a Handbook Notice in March 2018.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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Xchanging Market Communication – 2017/106 Weekend System Availability for the Rest of November 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017106-weekend-system-availability-rest-november-2017/ Mon, 13 Nov 2017 11:22:52 +0000 https://www.biba.org.uk/?p=28291 The post Xchanging Market Communication – 2017/106 Weekend System Availability for the Rest of November 2017 appeared first on British Insurance Brokers' Association.

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Reg update 566 – FCA launches market study on effectiveness of competition in wholesale insurance broking sector https://www.biba.org.uk/regulation-updates/reg-update-566-fca-launches-market-study-effectiveness-competition-wholesale-insurance-broking-sector/ Fri, 10 Nov 2017 16:04:19 +0000 https://www.biba.org.uk/?p=28289 The Financial Conduct Authority has launched a market study to assess how competition is working in the wholesale insurance broker sector.  The FCA has published

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The Financial Conduct Authority has launched a market study to assess how competition is working in the wholesale insurance broker sector.  The FCA has published the Terms of Reference detailing the topics to be explored as part of the market study (MS17/2.1).  Members may access the document by clicking here.

In particular the FCA will be exploring the following three main areas to assess whether competition in the wholesale insurance broker sector works in the interests of clients:

  • Market power – this will look at whether the individual broker firms have market power and, if so, what impact this has on competition. The FCA will also consider how easy it is for firms to enter the industry or expand their businesses.  It will also look at whether there are sub-segments within the sector with fewer active players and if the intensity of competition varies across those sectors.
  • Conflicts of interests – the FCA will consider conflicts in the sector and how they affect competition and client outcomes.
  • Broker conduct – the FCA will examine how certain broker practices have an impact on competition in the industry. In particular how some activities may exclude insurers, for example, by placing risks through facilities rather than the open market. The FCA will also consider whether there is any evidence of coordination between firms, potentially through an implicit understanding rather than a formal agreement.

Annex I of the document contains a list of questions that the FCA is seeking responses to.

The FCA aims to publish an interim report in autumn 2018 which will set out its analysis, preliminary conclusions and any potential solutions to address concerns.

The regulator is seeking responses by 19 January 2018.  BIBA will be preparing a formal response about the areas that the FCA plans to explore.  Members who are interested in having their views considered as part of this response should send them to David Sparkes at sparkesd@biba.org.uk by close of business on Tuesday 9 January 2018.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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Xchanging Market Communication – 2017/105 Slip and Bureau Lead Information on MRC for PBS and Eaccounts Premium Submissions. Effective date 11 December 2017. https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017105-slip-bureau-lead-information-mrc-pbs-eaccounts-premium-submissions-effective-date-11-december-2017/ Fri, 10 Nov 2017 11:39:28 +0000 https://www.biba.org.uk/?p=28285 The post Xchanging Market Communication – 2017/105 Slip and Bureau Lead Information on MRC for PBS and Eaccounts Premium Submissions. Effective date 11 December 2017. appeared first on British Insurance Brokers' Association.

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Reg update 565 – FCA publishes its Future Approach to Consumers https://www.biba.org.uk/regulation-updates/reg-update-565-fca-publishes-future-approach-consumers/ Tue, 07 Nov 2017 08:48:31 +0000 https://www.biba.org.uk/?p=28256 The Financial Conduct Authority has honoured the commitment made when it issued its Mission publication in April 2017 to explain in greater depth how it

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The Financial Conduct Authority has honoured the commitment made when it issued its Mission publication in April 2017 to explain in greater depth how it regulates with the first in a series of documents which sets out its approach to consumers.  The document, entitled ‘FCA Mission – Our Future Approach to Consumers’ looks at how the regulator can deliver better outcomes through its interventions and tackle the areas of greatest harm to consumers.  Members can access the paper by clicking here.

https://www.fca.org.uk/publication/corporate/our-future-approach-consumers.pdf

The FCA has stated that it wants to see markets where:

  • High-quality, good value products and services that meet consumers’ needs are available.
  • Consumers can buy the products and services they need and the way in which they are sold is clear, fair and not misleading.
  • The needs of vulnerable consumers are taken into account.

The FCA’s approach is based round a number of main concepts which are as follows:

  • Consumer and firm responsibility – firms should treat customers fairly. The financial products and services consumers need should be available, marketed and sold in a way that allows them to make informed choices. However, the FCA also expects consumers to take reasonable responsibility for the decisions they make about the financial products and services they buy.
  • Regulating for vulnerable customers  – The FCA expects firms to pay attention to possible indicators of vulnerability and have policies in place to deal with consumers where those indicators suggest they may be at greater risk of harm.
  • Keeping pace with a changing environment – new technologies are having an impact on how both firms and consumers make decisions. The FCA therefore approaches regulation taking into account the different needs of consumers based on their circumstances while providing as much certainty as possible to firms. The FCA will use behavioural economics and Data Sciences to ensure our Approach to regulation is fit for today and the future.
  • Delivering better outcomes for all consumers – delivering good outcomes for vulnerable and excluded consumers requires co-operation between firms, consumers and the FCA.
  • Having regard to access and tackling exclusion

The consultation on the document runs until 5 February 2018.  The FCA will then publish its final Approach to Consumers in 2018.

BIBA will be submitting a formal response to the document and members who would like their views to be considered as part of this process should send them to David Sparkes at sparkesd@biba.org.uk by close of business on 22 January 2018.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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Xchanging Market Communication – 2017/104 Scheduled Maintenance Implementation Debrief – Friday 3 November to Sunday 5 November 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017104-scheduled-maintenance-implementation-debrief-friday-3-november-sunday-5-november-2017/ Mon, 06 Nov 2017 12:20:21 +0000 https://www.biba.org.uk/?p=28246 The post Xchanging Market Communication – 2017/104 Scheduled Maintenance Implementation Debrief – Friday 3 November to Sunday 5 November 2017 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/103 System Availability Friday 3 November to Sunday 5 November 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017103-system-availability-friday-3-november-sunday-5-november-2017/ Fri, 03 Nov 2017 14:08:35 +0000 https://www.biba.org.uk/?p=28238 The post Xchanging Market Communication – 2017/103 System Availability Friday 3 November to Sunday 5 November 2017 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/102 Xchanging Disaster Recovery Test – Friday 10 November to Sunday 12 November 2017 https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017102-xchanging-disaster-recovery-test-friday-10-november-sunday-12-november-2017/ Wed, 01 Nov 2017 13:22:33 +0000 https://www.biba.org.uk/?p=28226 The post Xchanging Market Communication – 2017/102 Xchanging Disaster Recovery Test – Friday 10 November to Sunday 12 November 2017 appeared first on British Insurance Brokers' Association.

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Xchanging Market Communication – 2017/101 DRI Messages – Data Validation Change for Claim Documents https://www.biba.org.uk/regulation-updates/xchanging-market-communication-2017101-dri-messages-data-validation-change-claim-documents/ Wed, 01 Nov 2017 13:18:38 +0000 https://www.biba.org.uk/?p=28223 The post Xchanging Market Communication – 2017/101 DRI Messages – Data Validation Change for Claim Documents appeared first on British Insurance Brokers' Association.

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