Finance & Leasing AssociationDAY ONE
9.00 - 9.30 Administration and Introductory Session
9.30 - 9.55 The UK Insurance Market and how it is regulated
9.55 - 10.20 How Regulation Works
Break
10.30 - 11.20 Key Regulatory Issues (Parts 1 & 2)
Break
11.30 - 12.20 Regulating Products (Parts 1 & 2)
Break
12.30 - 13.20 Regulating Products (Parts 3 & 4)
13.20 - 13.30 Q&A and close
DAY TWO
9.00 – 10.20 Regulating Conduct of Business (Parts 1 & 2)
Break
10.30 – 11.10 The Consumer Duty (Parts 1 & 2)
Break
11.15 – 12.45 The Consumer Duty (Parts 3 - 5)
12.45 – 13.30 Q&A and close
INSURANCE DISTRIBUTION KNOWLEDGE AND COMPETENCY TRAINING OUTLINE
(DELIVERED BY MALCOLM PADGETT)
CONTENT (2024)
Each Session concludes with a brief Q&A’s
There are five ten minute breaksas shown
DAY ONE
Introductory Session
Why this training is required: dealing with the what, why and how of the requirement for your staff to undertake this training; including an understanding of the SYSC 28 and SM&CR training & competency requirements.
Sessions 1 & 2
The Structure of the UK Insurance Market and how it is regulated: dealing with structure of the insurance market and how regulation has evolved, what the FCA is there to do, how the regulatory regime is structured and works and how and why that affects firms and their employees. Break
Sessions 3 & 4
Key Regulatory Issues; dealing with FCA attitudes and issues relating to particular issues presented by the insurance market, and its modes of distribution. What is “rules-based” and “principles-based” regulation? A full explanation of the FCA requirements and expectations relating to culture and value in general insurance markets and of individual responsibility under the Conduct Rules Break
Sessions 5, 6, 7 & 8
Regulation of Products and Product Reviews; dealing with the central role which product oversight and governance by both manufacturers and distributors plays in the regulatory regime. Understanding the requirement for a “target market”, for “fair value”, for product testing and regular product reviews, and how to integrate these into conduct of business. Break after Session 6
DAY TWO
Sessions 9 & 10
Regulation of Selling And Arranging; A detailed coverage of the ICOBS rules (including placing the Customer Best Interests and the Appropriate Information Rules within the broader context of Principles-based regulation). Break
Sessions 11 -15
The Consumer Duty; The structure and purpose of the Consumer Duty. The new Principle 12; what are the Cross-Cutting rules and how they interact with the Consumer Duty. What are the Consumer Outcomes and how the Cross Cutting Rules interact with them. Understanding the impacts of the Consumer Outcomes for Customer Understanding and Customer Support. The extension of the SM&CR to embrace the Consumer Duty. Governance, strategy and policies for implementing the Consumer Duty and how the FCA will supervise and enforce the Duty. Break after Session 12
