Saswata Banerjee’s Post

𝐀𝐠𝐞𝐧𝐭𝐬 & 𝐁𝐫𝐨𝐤𝐞𝐫𝐬, 𝐀𝐫𝐞 𝐘𝐨𝐮𝐫 𝐍𝐨𝐧-𝐂𝐨𝐦𝐩𝐞𝐭𝐞𝐬 𝐊𝐎’𝐃??? by Kay Fairchild Godfredsen 𝗙𝗧𝗖 𝗕𝗮𝗻𝘀 𝗠𝗼𝘀𝘁 𝗡𝗼𝗻-𝗖𝗼𝗺𝗽𝗲𝘁𝗲 𝗖𝗹𝗮𝘂𝘀𝗲𝘀!!! Here's what you need to know: The Big Change: ‼️ The FTC banned most non-compete clauses for all workers, including insurance agents and brokers (effective 120 days after publication in the Federal Register, which would cause an effective date in August, 2024)‼️ READ ALL OF THE IMPLICATIONS HERE: https://lnkd.in/gihXgc-A

I am pleased to share the insight piece that Schellion Horn and I have written, reflecting on how firms have handled the price and value outcome of the Consumer Duty. If you'd like to discuss the Duty or fair value assessments please reach out to us. #fca #consumerduty #financialservices #regulatory #fairvalue

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🚨 Breaking News: Landmark Court Decision for Business Interruption Claims Today, the English Court of Appeal ruled in favor of ExCeL London in a test case likely to bolster thousands of other claims. The court found that national COVID-19 lockdowns triggered "at the premises" insurance clauses. This £16 million decision paves the way for many businesses to pursue claims for business interruption losses. This is a positive outcome for law firms pursuing business interruption claims, as it sets a clear precedent for future cases. It strengthens the position of claimants seeking compensation for COVID-19-related losses. As a funder of these types of claims, we welcome this ruling and the opportunities it creates for businesses to recover the losses they are owed. Read the full article here: https://buff.ly/3XB4AYz #BusinessInterruption #LitigationFunding #LawFirms #COVID19

Here are THIS WEEK'S HEADLINES for July 22, 2024 : ·  KFF Reports ACA Advertising tied to Misleading or Coercive Conduct · Illinois Closes USAA Property/Casualty Companies’ Market Conduct Exam · July 22, 2024 Guide to Insurance Regulations, Bulletins and Legislation #insurancecompliance #insurancecomplianceinsight #insuranceinsights #insurance #compliance #compliancenews #compliancenewsletter #insuranceregulation #insurancebulletins #insurancelegislation #fincen #fincenalert #employeeretention #employeeretentioncredit #employeeretentioncreditfraud #sars Subscribe today or request a FREE 3-week trial from our Contact Us page.

Every complaint will be different but the processes and methodology in dealing with them are universal. The procedures are laid down by the FCA and underpin what a firm should and shouldn’t do, but essentially there are 5 golden rules. So over the next week, we will share the 5 golden rules ✨ 𝟏. 𝐑𝐞𝐜𝐨𝐫𝐝, 𝐚𝐜𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞, 𝐧𝐨𝐭𝐢𝐟𝐲 𝐚𝐧𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 When it comes to handling complaints, it’s important not to get caught up in the complaint itself and forget about the obvious steps that should be followed. ➡️ Maintain a complaint register ➡️ As soon as a complaint is received, update the register immediately ➡️ Acknowledge the complaint in writing and provide the complainant with a written copy of the firm’s complaint policy ➡️ Notify your insurers regardless of whether you consider the complaint frivolous or of low value / below your PI insurance excess/retention ➡️ Report complaints data to the FCA in your returns

The FCA introduced the Consumer Duty a year ago, aiming to transform the landscape of financial services. As the dust settles, we reflect on how firms have handled the price and value outcome. #fca #consumerduty #financialservices #regulatory #fairvalue

The FCA introduced the Consumer Duty a year ago, aiming to transform the landscape of financial services. As the dust settles, we reflect on how firms have handled the price and value outcome. #fca #consumerduty #financialservices #regulatory #fairvalue

Every complaint will be different but the processes and methodology in dealing with them are universal. The procedures are laid down by the FCA and underpin what a firm should and shouldn’t do, but essentially there are 5 golden rules. So over the next week, I will share the 5 golden rules ✨ 𝟏. 𝐑𝐞𝐜𝐨𝐫𝐝, 𝐚𝐜𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞, 𝐧𝐨𝐭𝐢𝐟𝐲 𝐚𝐧𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 When it comes to handling complaints, it’s important not to get caught up in the complaint itself and forget about the obvious steps that should be followed. ➡️ Maintain a complaint register ➡️ As soon as a complaint is received, update the register immediately ➡️ Acknowledge the complaint in writing and provide the complainant with a written copy of the firm’s complaint policy ➡️ Notify your insurers regardless of whether you consider the complaint frivolous or of low value / below your PI insurance excess/retention ➡️ Report complaints data to the FCA in your returns Come back Monday for rule number 2!

The Financial Conduct Authority (FCA) has launched a discussion paper to simplify regulations and boost competitiveness in the financial sector. The proposed changes could reduce the time needed to onboard new customers and renew contracts. The FCA is also reviewing its rulebook to identify overlaps with its new consumer duty regime, which focuses on positive customer outcomes. Suggested revisions in customer categorisation aim to ease compliance for serving large corporate insurance buyers while safeguarding individuals and small businesses. Sarah Brook, a partner at CMS law firm, noted the FCA's recognition of the "undue compliance burden" created by applying consumer rules to the commercial market. 📰 Source: https://hubs.ly/Q02Kx-SG0 #FCA #Regulation #Competitiveness #Compliance #FinancialServices