The Commission has published a report on its thematic review of the sale of general insurance add-on policies by insurance brokers in Guernsey. The Report can be downloaded here and Forms/20151210 – Guernsey Financial Services Commission V15 – For Publication.pdf General insurance add-on products are insurance policies commonly sold in conjunction with another insurance policy such as […]

The British Insurers Broker’s Association (BIBA) has published a voluntary code of conduct for its members. It has also announced that discussions have opened with the Insurance Brokers’ Standards Council (IBSC) to explore how the two bodies can join forces to create a single voluntary code of conduct and guidance for insurance brokers. BIBA states […]

The Financial Conduct Authority (FCA) has fined Besso Limited £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption. The FCA found that Besso, a general insurance broker, operated a weak control environment surrounding the sharing of commissions with third parties […]

Thematic Review During a speech on 2 July 2013, Simon Green, Head of General Insurance and Protection at the FCA, announced the launch of a Thematic Review into how general insurance brokers handle potential conflicts of interest between insurers and customers. A Thematic Review is a study by the regulator of a particular product, practice, […]

In the case of Andrew Jeffery v FCA, the Upper Tribunal upheld the FSA’s decision to ban Mr Jeffery from carrying out any function in relation to any regulated activity and to impose a financial penalty of £150,000 for breaches of Statements of Principle 1 and 4 of the FSA’s Statements of Principle and Code […]