Peak Consultants joins NFDA
The National Franchised Dealers Association (NFDA) represents franchised car and commercial vehicle retailers in the UK. There are more than 4,500 franchise outlets in the UK and approximately 555,000 people working in the automotive retail sector. Working closely with Ed Buckley, National Membership Relations Manager, Peak Consultants are now an Associate Member of the NFDA […]
FCA consults on discretionary commission models
Motor finance: FCA consults on discretionary commission models and consumer credit commission disclosure On 15th October 2019 the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). The Consultation Paper proposes plans to ban commission models that give motor finance brokers/dealers an incentive to raise customers’ interest rates. […]
SMCR. Are you ready?
Are you ready for SMCR? The Senior Managers and Certification Regime (SMCR) comes into effect on the 9th December 2019 for solo-regulated firms. This affects all Financial Services and Markets Act (FSMA) authorised firms. SMCR represents a complete overhaul of the current Approved Persons Regime and will require a considerable amount of effort, resource and […]
CPD. What Peak Consultants can do for you
Now we have provided our subscribers with the facts about Continuing Professional Development in our previous CPD article,we wanted to outline some key features and benefits we have at our disposal which will help you implement and monitor an effective CPD strategy – Why Peak Consultants? Peak Consultants have created e-learning modules, which can be […]
Mitigating The Risks! Consumers demands and needs – The importance of getting it right
All firms are required to take a more active role in identifying their customers’ demands and needs and must ensure that any insurance contract proposed is consistent with them. The stricter requirements mean firms can’t simply offer all of the firm’s available products through generic statements about the type of needs each product will meet. […]
The Financial Conduct Authority and Continuing Professional Development
The Financial Conduct Authority (FCA) introduced Continuing Professional Development (CPD) that became a regulatory requirement for all insurance providers, intermediaries and professionals from 1st October 2018. The new requirement arises from the Insurance Distribution Directive that has passed into EU legislation after 4 years of debate and consultation. It replaces the Insurance Mediation Directive (IMD). […]
FCA expectations of general insurance (‘GI’) firms
The FCA has published its Thematic Review into GI insurance distribution chains. The FCAs findings have highlighted and identified areas where there is potential of harm and poor outcomes for customers arising from the product development, sales and distribution approaches in some sectors of the GI market. The FCA’s Thematic Review highlights the importance of […]
Professional Indemnity Insurance (PII) Does your cover meet the FCA requirements?
The FCA has reviewed the Professional Indemnity Insurance (PII) policies of 200 general insurance intermediaries and compared the cover of those policies against the rule requirements detailed in the Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU). This thematic review is of relevance not only for intermediaries’ own policies, but also […]
FCA acts to address unclarity
The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector and has uncovered “serious concerns” about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor […]
PROD now in the FCA handbook
The Insurance Distribution Directive requirements has meant that the FCA has introduced a completely new section to its handbook, called PROD, which can be found via this link: https://www.handbook.fca.org.uk/handbook/PROD/4/1.html?date=2018-10-01 PROD stipulates the rules surrounding product governance: including the design, approval, testing and identifying the target market of products, assessing distribution channels and monitoring product performance. […]
Are New Risks Really New?
The world is undergoing a pace of change unlike anything that we’ve experienced in history. Most of that change is technological, but the technology is driving cultural change as well. Not much more than 100 years ago news could take months or years to reach people far from the event, it now takes only seconds. […]
FCA moves to force firms to disclose climate risk management
The Financial Conduct Authority (FCA) has proposed measures that would force financial services firms to publicly disclose how they manage climate risk, as the regulator takes steps to limit the sector’s contribution to the “disruptive and potentially irreversible threat to the planet” of climate change. In a consultation paper published on Monday (15 October), the […]
FCA cancels Consumer Credit Permissions
Since January this year, 38 motor dealers have received final notices that have been published on the Financial Conduct Authority website and have had their consumer credit permissions cancelled. In only the past 6 weeks, there has been at least 1 case per week, accounting for 8 motor dealers losing their permissions to offer finance […]
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