Networking News - October 2019

OCTOBER 2019

NETWORKING NEWS

Read the latest from: Arch AXA RSA Geo Agriculture NIG Close Brothers Premium Finance Covéa Insurance HSB Markel

Compliance corner:

Autumn special

The Risk and Compliance team give you the latest news and updates on SM&CR, Change in Control, ‘passporting’ and GDPR fines. Plus, meet our newest file auditor and the Compliance Computer.

SAVE THE DATE FOR THE NATIONAL CONFERENCE 2020 | YOUR REGIONAL MEETINGS FEEDBACK | MEET THE NEW MEMBER COUNCILLOR FOR THE SOUTH | MYHRTOOLKIT: YOUR VIRTUAL FILING CABINET TO STAYING COMPLIANT | AND MORE…

Meet our newest Member Councillor

For me, Broker Network has always been about the Members, so it is essential that the Members play a part in how the Network operates.

These are the words of the newest recruit to your Member Council. We caught up with Stuart Allen, Managing Director at Commercial Insurance Services Ltd, who has taken over as Member Councillor for the South after David Christmas made the decision to step down from the role to focus on a new venture.

Click here to read Stuart’s interview

NEWS CON TENTS

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WELCOME...

After travelling up and down the UK earlier in the month to meet with many of you at our popular Regional Meetings, that’s a wrap on our 2019 events. Thank you to each and every one of you who attended one of the events or the Regional roadshows. I’m pleased to say that this year we had a record attendance across the five Regional venues with 273 of you joining us in October. It was fantastic to see more Advantage Member brokerages than ever before, as well as a strong turnout from Premier Members, attending the sessions. I hope that you’ve seen the slides that we used during the Regional events and have started to implement those proven tools to drive extra revenue through the renewal cycle, and don’t forget those ‘chicken letters’ for cross selling.

With only 10 weeks of 2019 left, we’re looking ahead to next year, and our 2020 calendar of exciting Member events is filling up already, details of which will be published soon. We will kick off in the Spring when Broker Network Live streams once again from the renowned Shangri-La Hotel at The Shard on March 19th 2020. We will be in touch closer to the time with further details on how you can join the discussion – whether that’s face-to-face, or over the airwaves from the comfort of your office.

This time next year, we will have networked like crazy with everyone at the National Conference 2020. It was an honour to bring our Members to our home county in 2018, and we’re looking forward to giving everyone a warm Yorkshire welcome once again, as the Conference returns to the Harrogate Convention Centre on 15th October 2020.

We’d love it if you could add the date to you diary; we’ll be sharing the full agenda with you in the New Year.

I wanted to make you aware that we’re shortly launching our NPS Survey for 2019 and that you may be receiving a phone call from our research company DJS, asking you if you would like to take part. We’d be extremely grateful if you could take a few moments to answer the questions. I know we’ve said this before, but your feedback really does make a difference.

Thanks to your participation, we’re able to tailor our approach and events to allow us to support you in growing your brokerage. As we look ahead to next year, your views can really shape the Network into 2020 and beyond.

Yours, Richard Pitt Chief Network Officer

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HEARD IT ON THE GRAPEVINE

Find out what’s been happening this month around the Network.

INSURER NEWS

Read all about the latest news and updates from our Partner Insurers.

AUTUMN COMPLIANCE NEWSLETTER

The Risk and Compliance team give you the latest updates on SM&CR, ‘passporting’, Change in Control, and more.

NATIONAL CONFERENCE 2020 SAVE THE DATE

Put 14th and 15th October 2020 in your diary!

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HEARD IT ON

THE GRAPE V IN E H A V I N G Y O U R S AY We’re delighted to say that 20% more of you joined us for this year’s Regional Meetings, compared to 2017’s. We caught up with Regional Meeting first-timers Martin Bridges, from Independent Insurance Services, and Miles Adams and Tristan Sheppard, from Export and General, at the London session to find out what they gained from the event.

Click here to access your Regional Meetings pack

Click here to hear what they had to say

EVIDENCE C O M P L I A N C E AT TH E TO U C H O F A BUT TON

Our HR Consultancy team has collaborated with myhrtoolkit to offer Members an affordable online HR Information Solution (HRIS), enabling you to securely store and utilise HR information centrally. This virtual filing cabinet includes features that will help to ensure you remain SM&CR (including business continuity), IDD and GDPR compliant.

Click here to read more

BL A ZE A T RAIL W I TH A N A P P R E NT I C E S H I P The right training opportunities can paint an exciting future for your top talent and ultimately encourage them to progress within your business. After the successful launch of our apprenticeship programme in June, we’re kicking off with our second cohort.

Click here to read more

FREE INSU RANCE T IMES S U BS C R I PT I O N U P FOR GRABS Join the Insurance Times Broker Steering Group, and in return for your participation, receive online subscription to the publication, worth £579, completely free. Don’t forget, there’s still time to answer the Insurance Times Survey 2019/20. It is open until 3rd November and your views are vital to how both Personal and Commercial Lines insurers shape their broker service.

Click here to read more

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MAIN STORY: Arch’s UK division: what does it mean for you?

Broker Network Members still get to work with all the same people at Arch, but the new ownership also comes with important benefits.

Click here to read more

Should your agricultural clients diversify?

Geo Agriculture explains how your agricultural clients can adapt to the changing market.

Master the art of eTrade with AXA The team at AXA are here to help make your life easier with their eTrade hints and tips.

Click here to read more

The RSA team are excited to collaborate with Members who have schemes or are looking to expand into a specialist area.

Spread Solicitors’ PI costs through premium finance

How has Covéa Insurance learned from cyber claims?

Click here to read more

Click here to read more

Click here to read more

All you need to know about HSB’s e-trade offering The new HSB product brochures make it easy for you and your clients to tap into its two distinct e-trade areas.

Click here to read more

Embrace and grow your specialism with RSA

Get the lowdown on Close Brothers Premium Finance’s terms for the new funding of their Solicitors’ PI policies.

NIG celebrates 125 years

Introducing MarkelTech

NIG has been trading for over 12 decades and in 2019, Members have placed an amazing multi-million pound account with the insurer.

Markel has created MarkelTech: a bespoke sector proposition designed for companies.

Click here to read more

Covéa Insurance shares everything it has learnt since the launch of Home Cyber cover to its High Net Worth Products.

Click here to read more news on the Hub!

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AUTUMN COMPLIANCE NEWSLETTER //

OCTOBER 2019

Member Compliance Helpdesk: 0344 346 1342 | compliance@brokernetwork.co.uk

Meet Barry Murphy, the voice behind the Compliance Helpdesk, who explains all the queries, concerns and challenges he can help Members with.

VIDEO

THE END OF ‘PASSPORTING’?

As you will no doubt be aware, Britain is due to leave the EU on 31st October. The UK leaving without a deal would mean the end of ‘passporting’, therefore meaning firms will no longer be able to conduct business in the EU. To understand how this could impact your firm, click here to read more.

FCA AUTHORISATION TO SUPERVISION ONE-YEAR CALL As part of the ongoing approach to supervision, the FCA has introduced an Authorisation to Supervision One-Year Call. We’re pleased to say some of the Risk and Compliance team have been involved in this process and have shared their findings on what to expect.

Click here to read more.

COULD YOU BE AT RISK OF MIS-SELLING? You may have seen in the news that the FCA has fined The Carphone Warehouse £29,107,600 for failings that led to the misselling of its mobile phone insurance and technical support product, ’Geek Squad’.

Bear in mind a similar risk exists with your customers if your staff do not properly identify whether the cover is of any benefit to your clients. Click here to read more.

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The adventures of Emma and the Compliance Computer Part 1 Our newest Regulatory File Auditor Emma Goodison assists Members with their file audit queries with the help of the Compliance Computer.

Good morning, Compliance Computer.

Do we have any queries from Members?

Bee-boo-beep! Good morning, Emma. One Member asks, “Can I personalise compliance documents from Broker Network?”

We completely understand Members may want to customise documentation, however, it is essential they remain compliant. Please tell them if they’re making major changes to send the documents to their RCC or the Compliance Helpdesk.

Boop-beep! Emma, we have another query, a broker is asking, “How can I prepare before a file audit?”

That’s all the queries for today, Emma.

"I have a comprehensive list of questions that I ask Members before an audit to ascertain any shortfalls in their procedures, so that I can account for this when completing the individual reports, and this means I can add recommendations to the final report."

I wonder what queries we’ll have next time.

Good night, Computer!

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AUTUMN COMPLIANCE NEWSLETTER //

OCTOBER 2019

Change in control

THINK BEFORE YOU ACT!

VIDEO

D ID YOU KNOW?

Did you know failure to notify the FCA of a Change of Control is a criminal offence? Ask yourself do you know what is a Change of Control? Has your firm made changes recently or in the past?

Did you notify the regulator?

To understand how this could impact your brokerage, please click here to read more.

GDPR FINES TO BE AWARE OF The Information Commissioner’s Office (ICO) is looking to fine British Airways a record £183m for infringements of GDPR following a cyber incident and Marriott International £99m for data breaches under GDPR. Click here to find out more.

DO YOU HAVE THE CORRECT PERMISSIONS? In this article, we investigate what permissions you require when introducing customers to a Premium Finance Provider. We also look at Payment Plans being offered by some software house / broking platforms and the regulatory implications of these.

SUPPORTING YOUR VULNERABLE CUSTOMERS The FCA has published a guidance consultation on how firms should approach the fair treatment of vulnerable customers. The guide provides clarity to all firms on how to deal with at risk, or potentially susceptible, clients.

Click here to find out more.

UNDERSTANDING THE CERTIFICATION REGIME Are you familiar with the FCA’s new Certification Regime coming into effect on 9th December?

Click here to find out more.

Click here to find out more.

SALES CHECKLIST – WHY SHOULD I HAVE ONE? Do you ask yourself the above when following processes and instructions? If you answered yes, you’re not alone. To help you, we’ve compiled a list of observations and explanations on sales and renewals processes and checklists.

Click here to find out more.

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SM&CR – ARE YOU PREPARED? SM&CR CONDUCT RULES The SM&CR brings with it new conduct rules for general insurance brokers. In this article, we take a brief look at what the rules are and who they apply to.

>> Click here to find out more

CHECK OUT THE SM&CR TOOLKIT SM&CR is almost upon us, and we’ve been busy developing documentation, training and guidance to ensure you encounter a smooth transition into the new regime. On the Hub, you will have access to our SM&CR Toolkit, which contains template documents and direction, learning resources and relevant industry guides for reference.

>> Click here to access the toolkit

WHAT IS ‘THE DIRECTORY’?

As part of SM&CR, the FCA has created ‘The Directory’, the new public register which allows individuals and firms to check the details of key people working within financial services. We take a look at the data held on ‘The Directory’.

>> Click here to find out more

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