Russell Facer

Compliance tip: An important reminder about PII

From 23 February, the Insurance Distribution Directive will set new minimum levels of professional indemnity insurance for firms involved in the distribution of insurance products. This affects all firms advising on, arranging or managing non-investment insurance contracts (pure protection contracts and life policies such as long-term insurance contracts and annuities), insurance-based investment products and general […]

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Compliance tip: Mifid II transaction reporting and legal entity identifiers

Transaction reporting Transaction reporting is the reporting of information about trades in reportable financial instruments, such as shares, ETFs, VCTs, investment trusts and structured products. Reporting covers purchases, sales and modifications of reportable instruments. Mifid II proposes important changes to these obligations which will potentially affect all investment firms. Some exemptions will apply. For instance, […]

Compliance tip: How to deal with clients who move abroad

We all have clients we have dealt with for many years; those who trust us and value the advice they receive. But what happens when these clients decide to move abroad and want you to continue advising them on their financial arrangements? This is an area that is not straight forward. There are a number […]

Compliance tip: Commission disclosure for pure protection contracts

We have seen confusion around commission disclosure on pure protection contracts (e.g. term assurance), partially due to interpretation of existing rules under the Insurance Conduct of Business Sourcebook. The new Insurance Distribution Directive introduces updated disclosure requirements from February 2018, which should hopefully simplify matters. Currently, commission on pure protection contracts only needs to be […]