Insurance intermediaries

What should brokers and MGAs be looking out for from the tax world?  Here’s our digest.

Insurance intermediaries may have forgotten, or be unclear, about the FCA’s letter issued in the autumn. Here’s a reminder.

In an address to Parliament on 9 November 2020, the Chancellor confirmed that the government will…

The critical moment is approaching. From 1 January 2021, only an EU regulated insurance carrier or intermediary may undertake EU insurance work.

Many insurance brokers are likely to be affected by new rules for employment status workers hired via an intermediary. The Government is to review these changes, which may delay their scheduled introduction in April. Whichever way, Chris Riley explains how to prepare.

Since its introduction in October 2018, the Insurance Distribution Directive (IDD) is proving more difficult to implement that expected. David Allison of Compliance Management Services reports on the sticking points.

In June 2019, the FCA published its consultation paper CP19/20 ‘Assessing Adequate Financial Resources’.

Even assuming an EU:UK Trade Agreement comes into force on 31 December 2020, the insurance sector is unlikely to benefit. Howard Jones explains why setting up a NewBro is the best solution to keep control of corporation tax and VAT.

The Senior Managers & Certification Regime (SM&CR) came into effect on 9 December and affects all insurance intermediaries. Samiha Shaikh provides a checklist that will keep you in line with the specifications.

It’s important to execute a non-statutory trust (NST) deed correctly to ensure client money is properly protected. Insurance lawyer, Carol-Ann Burton provides some tips.

By 9 December this year, all FCA firms under SM&CR must submit a SoR (Statement of Responsibilities) and Enhanced firms must also produce a Responsibilities Map. Samiha Shaikh offers a guide to priorities.

In Spring last year, Broking Business announced the FCA’s Market Study on the wholesale insurance sector. Its key aim was to assess whether competition was working effectively in the market. Paul Goldwin reports on what the results mean for brokers.

The continuing trend for broker acquisitions has made client money due diligence all the more important. We provide advice for vendors and buyers.

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.