| |
I'm Waltham Pitglow and I am an independent training and compliance specialist. I cover the most relevant and up to date insurance hot topics and for those who would like some structure to their CPD (or for your staff) then I will be suggesting some learning points and/or exercises that can be logged on your files.
 Waltham Pitglow's CPD Blog
The OBELISK RSS Feed
The OBELISK: Number of Questions in an Assessment 13 Mar 09
The OBELISK Monthly Assessments 26 Feb 09
Role Plays 28 Jan 09
TCF Claims 28 Nov 08
Fact Finds For Insurance Brokers 21 Nov 08
Claim Rejections 17 Nov 08
|
|
|
FSA fines insurance claims handler for network control failings and for misleading clients
Waltham Pitglow - RWA Compliance Specialist
19 Mar 2009, 14:52 PM
Source: http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/039.shtml
Let us be clear that in reading the details of this case, these are not actions (or inactions) that we feel are particularly likely to be reproduced in club member firms.
However, there are 2 clear messages; the first is that the FSA does seem to be weeding out the less than professional brokers; and the second is that they are taking breaches of the rules quite seriously.
Let us remind ourselves that the nub of this case was the accusation of misleading clients and from this a lesson we can all learn is to ensure that all staff are aware of the need for accuracy when giving information to clients. Secondly, it is important that all members review their TOBAs at least annually just to make sure that what is said about a broker’s service is accurate. Thirdly, and this is most important, it reinforces our message that the FSA has a particular concern where a firm has appointed representatives. If you fall into this category is your system of supervision, monitoring compliance, and training & competence sufficiently robust?
I stress that our experience is that the FSA is showing great respect for small firms who can provide solid evidence that they are acting in a professional manner, albeit that they may not be wholly compliant.
Don’t fall into the trap of being one of those highly professional firms who cannot prove it. In some ways our relationships with our clients can be like a marriage: when the relationship is good there is no thought of conflict, but when that relationship breaks down there is nothing worse than an aggressive ex-customer saying things about your service and advice which you are unable to contradict with good evidence.
. |
|
