Last week, the Commission’s Conduct Unit hosted two seminars for insurance intermediaries. The first dealt with long term insurance business whilst the second seminar concentrated on general insurance. Each seminar focussed on fundamental regulatory requirements and current trends and included a refresher on an intermediary’s duty to their clients.
In addition, during the seminar for long term insurance intermediaries, reference was made to the thematic report recently issued by the Commission setting out its findings and conclusions in relation to sales practices. Examples were provided of both good and poor practices that the Commission had identified during the thematic visits. Suggestions were also made on effective ways for advisers to gather information from their clients and to assess the suitability of the products being recommended. A key message was that where advisers fail to gather sufficient information about their customers, the suitability of a particular product recommendation is often difficult to demonstrate.
During the seminar for general insurance intermediaries, attention was drawn to several recent court cases which highlighted the requirement for an intermediary professional to exercise his or her duties to a standard of reasonable skill and care. Issues around professional indemnity risk management and general insurance were also addressed.
81 representatives of insurance intermediaries responded to the Conduct Unit’s invitation to attend one or both of the seminars. The seminars were run as interactive workshops and engaged active participation from all attendees.
Speaking after the event, Rosemary Stevens, who heads up the Commission’s Conduct Unit said “I am delighted with the feedback we received from participants who attended these seminars which we hope will help to improve the service which is provided to those consumers who seek advice from local insurance intermediaries.”