Welcome to the latest edition of Broking Business – Spring 2024.
Following its recent reviews, the FCA has found that wind-down plans fell short of the minimum standards they expected and confirmed they would continue engaging with the market in 2024. The FCA also continues to look at CASS 5 rules in more detail, although firms’ compliance with the CASS 5 client rules is improving. We explored the shortcomings in wind-down planning and examined CASS 5 hot topics at our London and Leeds Broking Breakfast events. If you weren’t able to join us, you can still listen to the on-demand version here.
How insurance intermediaries treat client money balances held for legacy insurance and reinsurance business has always been a confusing issue. This issue has possibly been aggravated by recent FCA views, particularly with regards to CP12/20 and CP23/12. Our guest author, Timothy Goodger, Partner at City law firm Elborne Mitchell, considers why credit write-backs are under such scrutiny and if they are in-fact a breach of trust law.
Providing share incentives to firm employees is a great way to encourage staff retention and business development. But beware. Whatever the circumstances of your wanting to provide staff perks, there are tax issues to consider. Tom Golding, Corporate Tax Partner, looks at the common ways to provide share incentives and how they trigger tax.
As insurance brokers are gatekeepers of a wealth of personal data, navigating the complex landscape of privacy regulations must be undertaken with the utmost due diligence. A robust data protection policy is not just an ICO regulated mandate, but also essential for consumer trust and integrity. Phil Broadbery, Technology Partner, examines the benefits of the controls-based approach to data protection.
