<< Previous 1 2 3 4 5 6 7 >> Next

Top Compliance Errors on Mortgage Files

Posted by H3 on 2019-07-02 15:18:30 BST

These are some of the most common errors picked up from file checks over the last 12 months. Easily avoided with the cotrrect tools and time spent when completing paperwork.



Senior Managers and Certification Regime - Broker Summary

Posted by H3 on 2019-03-01 15:06:20 GMT

The Senior Managers and Certification Regime (SM&CR) introduces changes on how the FCA will regulate people in financial services, it replaces the existing Approved Persons Regime, and will be in place by the 9th December 2019.  The SM&CR will apply to all FCA solo-regulated firms authorised under Financial Services and Markets Act, it will not apply to Appointed Representatives.




Insurance Distribution Key Requirements for Brokers

Posted by H3 on 2018-09-21 11:10:20 BST

The deadline to implement the changes under the Insurance Distribution Directive is the 1st October 2018.  This replaces the Insurance Mediation Directive which came into effect on the 14th January 2005.  If you are not yet up to speed with the changes we have summarised the key changes to make for brokers below.



Changes To Fee Tariff Data

Posted by H3 on 2018-08-31 14:18:59 BST

The FCA have made a change to the fee tariff data reported on section J of the Gabriel return.   Some firms are not aware that the change should be reported on the 2018 annual return.




Posted by H3 on 2018-05-18 13:06:20 BST

You can’t escape GDPR news, from articles to regular consent emails being received.  Many firms will be GDPR ready, but if you’re not, you still have time.  In large the GDPR is not a big change from existing data protection rules for brokers, so firms which already have robust procedures wont have a difficult task updating to GDPR.  With the deadline nearing ( 25th May), below is a summary of the main requirements. 


Insurance Distribution Directive

Posted by H3 on 2017-12-14 14:17:06 GMT

The European Commission began a review in 2010 of the Insurance Mediation Directive (IMD) which came into force in January 2005. The review resulted in proposed revised directive known as the Insurance Distribution Directive (IDD).  UK firms were originally required to comply with this by 23rd February 2018, but this date was put back to 1st October 2018 by the EU.

The key points which are more relevant to mortgage and insurance intermediaries have been summarised below.  


New FCA Insurance Renewal Rules

Posted by Admin on 2017-03-17 16:00:23 GMT

Regulator introduces new requirements for renewals invited from 1st April 2017

The FCA's new rules are designed to increase transparency and reduce consumer inertia in relation to insurance renewals. As such these only apply to retail customers (although firms may apply them to commercial clients too if they so wish) and for policies that have a term of 10 -12 months.

The rules will only apply to firms who invite renewal themselves rather than leaving this to the insurer or any other broker in the chain.


Insurance Act 2015

Posted by Admin on 2016-08-12 08:05:53 BST

The following article relates to insurance sold to a 'commercial' client'. FCA regulation defines a commercial client as one purchasing insurance for the purposes of a trade or profession. This would include vehicle insurance where the purpose of the vehicle is predominately work related or insurance on a Buy To Let property (rather than a Consumer BTL).

The Insurance Act 2015 comes into force from 12th August 2016. Previously commercial customers had a 'duty to disclose' information. From 12th August this will be replaced with a 'duty of fair presentation' which will not only apply when taking out an insurance contract but also at renewal or if any mid term adjustments are made.


Mortgage Fraud - Are You At Risk?

Posted by H3 on 2016-08-10 13:37:32 BST

It has been published that mortgage fraud is on the increase, its unclear if the level of mortgage fraud has increased or if firms and lenders are getting better at identifying it?  Either way it’s important that brokers do all they can to avoid getting involved in fraudulent applications.   What are the requirements?  What should you be doing?  How can you identify mortgage fraud?  


New FCA Complaints Handling Rules

Posted by H3 on 2016-06-20 16:20:16 BST

The FCA have finalised new complaints handling rules, which take effect from the 30th June 2016.  The new rules will give firms more time to resolve complaints in a non formal way but will also mean all complaints will have to be reported on Gabriel returns and a new written communication sent.  We have summarised the changes below


<< Previous 1 2 3 4 5 6 7 >> Next