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).
About OneAdvent
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyd’s broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.
Request a call back.
Let’s get the conversation started today.
Sign an NDA.
Take the first step in the next stage of your MGA business.
