Expo workshop highlights need for Risk Transfer consistency
Brokers must put pressure on the Association of British Insurers (ABI) and individual insurers to adopt a consistent approach to Risk Transfer wordings within their Terms of Business Agreements (TOBA), according to compliance expert Branko Bjelobaba.
Speaking at the Broker Expo on financial aspects of Financial Services Authority (FSA) compliance, Mr Bjelobaba said that brokers were extremely confused, not only by the FSA's rules for handling client money, but also by the huge variations contained within insurer TOBAs where this section should be broadly similar across all insurers.
"Brokers would need to adopt an incredibly elaborate system in order to ensure they comply with everyone. Currently there is no common wording among insurers and
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