IN THE NEWS: What will new regulations for appointed representatives mean for the industry?
The latest AR regulation issued by the FCA makes insurance firms more responsible for their Appointed Representatives. OneAdvent’s Managing Director, Tim Quayle, shares his thoughts in this exclusive article for Insurance Times.
“The regulations shouldn’t be too burdensome for intermediaries [that] are doing it right. They will already have the data required by the FCA – it’ll just be a case of breaking it down and presenting it in a much more granular way – but those lighter touch principal businesses will struggle.”
Principals are now expected to apply ‘enhanced oversight’ to their ARs and assess ‘the risk that their ARs pose to consumers and markets’. This follows data showing that ARs were responsible for more complaints than non-principals and, in part, is due to the FCA’s three year strategy to improve customer outcomes.
Read the full article in Insurance Times here (subscription required).
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