Biba warns industry on using ARs
Businesses must have appropriate processes and supervision in place wherever the AR distribution method is used.
Biba has warned insurers, brokers and networks to be aware when using appointed representatives (AR) because they will bear full regulatory responsibility if there are failings.
This was a reaction to a damming review by Financial Conduct Authority's (FCA) that looked into appointed representatives in general insurance.
It uncovered "significant shortcomings" around control and oversight.
The review led to one firm withdrawing from the general insurance sector, two companies being ordered to
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