Broking Business – Summer 2019

Welcome to our latest edition of Broking Business.

As we head into the second half of the year, it’s not just the next Brexit deadline that’s looming. By 9 December all FCA firms must submit the required documents under the Senior Managers and Certification Regime (SM&CR) rules. Individual accountability is at the heart of this FCA initiative. We provide a guide to completing these two tasks on time and in the most pain-free way.

Cloud services are becoming more and more popular among brokers. But in spite of the potential benefits, they can also bring unexpected hazards. We focus on one of the key risks.

Still on the FCA, we bring you the results of its useful Market Study of the wholesale market. In a nutshell, the sector will need to focus more on broker conflicts of interest and on the closer scrutiny of remuneration and commission disclosure that’s coming your way.

If you’re likely to be involved in an acquisition, either as vendor or buyer, we also explain why it’s crucial to carry out client money due diligence properly.

Connected to the above is the setting up of a non-statutory trust (NST). Insurance lawyer Carol Ann Burton focuses on the legal aspects and how to avoid common pitfalls.

As always we’d love to hear your views on the newsletter and suggestions for articles in future issues.