We advise on all the regulatory, commercial and corporate aspects of insurer and intermediary business, such as: the life cycle and distribution of insurance products; the governance, conduct and regulatory obligations of the business; the successful acquisition and merger of insurance entries; and the commercial, corporate and capital financing requirements of the business.
Our regulatory lawyers advise insurance businesses on a range of Financial Conduct Authority ("FCA"), Prudential Regulation Authority ("PRA") and Society of Lloyd's ("Lloyd's") authorisation, supervisory, enforcement and disciplinary matters.
Our team includes former: regulators, FCA Skilled Persons, in-house compliance and Money Laundering Reporting Officers. We advise clients on day to day governance, conduct and compliance issues, anti-financial crime and sanctions, implementation of the Senior Managers and Certification Regime ("SMCR") notifications to the regulator, 'shadow' skilled persons/Section 166 reports, and internal and external investigations.
We are highly experienced in London Market/Lloyd's matters advising clients on broker remuneration agreements, undertaking board effectiveness reviews for managing agents, advising overseas coverholders in enquiries from Lloyd's and advising the market on financial sanctions.
We advise on the full range of insurance market distribution arrangements and agreements, product wording and customer facing documentation, outsourcing agreements, business as usual terms of business and commercial contracts.
Our corporate advice includes company and partnership formation, mergers and acquisitions (public and private); schemes of arrangement and portfolio transfers; and joint ventures and group reorganisations for domestic and international businesses.
It is now five months since the Financial Conduct Authority (FCA) published its terms of reference (ToR) (PDF) for a market study into the wholesale insurance broker market (the Market Study) – in effect, the London Market.
It is more than three months since the Financial Conduct Authority (FCA) published its terms of reference ("Terms") for a market study into the wholesale insurance broker market – in effect, the London Market.
The Financial Conduct Authority (FCA)'s terms of reference for its wholesale insurance broker market study, published in November 2017, are clear on possible conduct by brokers which the FCA may intervene to regulate. They are much less clear on the dynamics of the market and why intervention should be the favoured route.
The FCA has published its terms of reference (ToR) for a market study into the wholesale insurance broker market to assess how effectively competition is working in the wholesale insurance broker sector, as well as how brokers influence competition in the underwriting sector. This article was written for Thomson Reuters Accelus Regulatory Intelligence.
Date: 31 January 2017