Insurance brokers may have to disclose their commission rates to clients if plans from the Financial Services Authority are implemented.If brokers’ don’t improve their handling of conflicts of interest under the Treating Customers Fairly policy, rules will be enforced by the FSA. This threat comes in the form of a letter to insurance brokers published last week. The FSA says it will assess whether there is a case to amend its policy for commercial customers to introduce the compulsory disclosure of commission and, if so, whether to make this binding on both intermediaries and insurance companies. James Rodea, commercial director at Cluttons, says: “Most organisations realise the client is king so will always treat them well and fairly. It’s a good idea to have a principle-based policy but parameters are needed. “Naming and shaming and making people disclose commission upfront though is not necessarily the right way to go about it.” The FSA has given insurance brokers until January 20 to come up with a policy to cover conflicts of interest.
Huntswood, the provider of services to the retail financial services industry, is to sponsor the Scottish Financial Enterprise Innovator awards. Huntswood says it has a record of commitment to financial services in Scotland. In November 2004 it opened an office in Strathclyde Business Park that now employs 250 people.
Della Price, mortgage advisor at Mortgage Advisory Service, has won dinner and a night away at Le Manoir aux QuatSaisons courtesy of Standard Life after winning its recent protection online competition.Price correctly answered three questions relating to Standard Lifes protection online system and was the first name out of over 2,000 entries to be drawn […]
The Financial Services Authority has warned consumers not to inflate their income to get a self-certification mortgage as they risk getting a criminal record.The FSA’s new mortgage website explains to consumers that they could be committing fraud, as well as being left with a loan they cannot afford, if they overstate their salary.To help consumers […]
C2-financial is calling on the Financial Services Authority to look into why some networks restrict their appointed representatives to the packagers on their panels. The mortgage packager and branded lender has raised questions over the ability of the ARs of many networks to treat their customers fairly when they are forced to deal with only […]
The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.
News and expert analysis straight to your inboxSign up