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BRITISH BRITISH INSURANCE INSURANCE BROKERS BROKERS ASSOCIATION ASSOCIATION British Insurance Brokers’ Association

BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

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Page 1: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

BRITISH BRITISH INSURANCEINSURANCE BROKERSBROKERS’’

ASSOCIATIONASSOCIATION

British Insurance Brokers’ Association

Page 2: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

INSURANCE MEDIATION INSURANCE MEDIATION DIRECTIVEDIRECTIVE

( DON’T FORGET THE DISTANCE MARKETING &( DON’T FORGET THE DISTANCE MARKETING &

E- COMMERCE DIRECTIVES )E- COMMERCE DIRECTIVES )

Page 3: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

INSURANCE MEDIATION INSURANCE MEDIATION DIRECTIVEDIRECTIVE

UK GOVERNMENT (TREASURY)UK GOVERNMENT (TREASURY)

- SETS SCOPE – MINIMUM- SETS SCOPE – MINIMUM REQUIREMENTS.REQUIREMENTS. - ENACTS LEGISLATION.- ENACTS LEGISLATION.

Page 4: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

INSURANCE MEDIATION DIRECTIVEINSURANCE MEDIATION DIRECTIVE

UK GOVERNMENT (TREASURY)UK GOVERNMENT (TREASURY)

- SETS SCOPE – MINIMUM REQUIREMENTS- SETS SCOPE – MINIMUM REQUIREMENTS - ENACTS LEGISLATION - ENACTS LEGISLATION

FINANCIAL SERVICES AUTHORITY (FSA)FINANCIAL SERVICES AUTHORITY (FSA)

- AUTHORISE FIRMS AND INDIVIDUALS- AUTHORISE FIRMS AND INDIVIDUALS - SET RULES FOR CONDUCT- SET RULES FOR CONDUCT - MONITOR COMPLIANCE AND ENFORCE - MONITOR COMPLIANCE AND ENFORCE

Page 5: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

TREASURY CONSULTATIONTREASURY CONSULTATION ENDED JANUARYENDED JANUARY

Page 6: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

TREASURY CONSULTATIONTREASURY CONSULTATION

ENDED JANUARYENDED JANUARY

WHICH INSURANCEWHICH INSURANCE CONTRACTS?CONTRACTS?

EXEMPTIONS ?EXEMPTIONS ?

Page 7: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

TREASURY CONSULTATIONTREASURY CONSULTATION ENDED JANUARYENDED JANUARY

WHICH ACTIVITIES WILL BE REGULATEDWHICH ACTIVITIES WILL BE REGULATED

- Introducing, proposing, carrying out work preparatoryIntroducing, proposing, carrying out work preparatory to contractto contract

- Concluding contractsConcluding contracts

- Assisting in the administration and performance ofAssisting in the administration and performance of such contracts, in particular in event of claim.such contracts, in particular in event of claim.

- Advising/arranging deals.- Advising/arranging deals.

Page 8: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

WHO WILL BE REGULATED?WHO WILL BE REGULATED?

Page 9: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

WHO WILL BE REGULATED?WHO WILL BE REGULATED?

INTERMEDIARIES, INCLUDES EMPLOYEES OF INTERMEDIARIES, INCLUDES EMPLOYEES OF INSURERS FOR “RETAIL RISKS” INSURERS FOR “RETAIL RISKS”

APPOINTED REPRESENTATIVE REGIME TO APPLYAPPOINTED REPRESENTATIVE REGIME TO APPLY

DESIGNATED PROFESSIONAL BODY REGIMEDESIGNATED PROFESSIONAL BODY REGIME

Page 10: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

““PROPORTIONATE” REGULATIONPROPORTIONATE” REGULATION

Page 11: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

FSA OBJECTIVES.FSA OBJECTIVES.

CONSUMER PROTECTIONCONSUMER PROTECTION

MARKET CONFIDENCEMARKET CONFIDENCE

CONSUMER EDUCATIONCONSUMER EDUCATION

FINANCIAL CRIMEFINANCIAL CRIME

Page 12: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

FSA FSA CONSULTATION PAPERS (C.P.’s)CONSULTATION PAPERS (C.P.’s)

CP160 SELLING & ADMINISTRATIONCP160 SELLING & ADMINISTRATION

CLOSED 11/3CLOSED 11/3

CP159 APPOINTED REPS (AR)CP159 APPOINTED REPS (AR)

CLOSED 31/3CLOSED 31/3

CP174 PRUDENTIAL REQUIREMENTSCP174 PRUDENTIAL REQUIREMENTS

CLOSEDCLOSED 13/6 13/6

CP180 FEES ( Also CP192 closes 28/10 )CP180 FEES ( Also CP192 closes 28/10 )

CLOSED 24/6CLOSED 24/6

CP 187 SELLING & ADMINISTRATION & MISCCP 187 SELLING & ADMINISTRATION & MISC

AMENDMENTSAMENDMENTS Closes 30/9Closes 30/9

Page 13: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

TIMETABLETIMETABLEDRAFT REPORTING REQUIREMENTS SEPT 2003DRAFT REPORTING REQUIREMENTS SEPT 2003

FINAL AR RULES SEPTEMBER 2003FINAL AR RULES SEPTEMBER 2003

DRAFT CONDUCT OF BUSINESS RULES SEPT 2003DRAFT CONDUCT OF BUSINESS RULES SEPT 2003

APPLICATION PACKS AVAILABLE “FINAL QUARTER”APPLICATION PACKS AVAILABLE “FINAL QUARTER”

FINAL CONDUCT OF BUSINESS RULES JAN 2004FINAL CONDUCT OF BUSINESS RULES JAN 2004

FEEDBACK APPLN FEES ( CP180 ) SEPT 03FEEDBACK APPLN FEES ( CP180 ) SEPT 03

CP ANNUAL FEES /FOS JAN2004CP ANNUAL FEES /FOS JAN2004

APPLICATIONS “EARLY” 2004APPLICATIONS “EARLY” 2004

FSA REGULATION COMMENCES 14.01.05FSA REGULATION COMMENCES 14.01.05

Page 14: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

FSA CONSULTATION 160/187FSA CONSULTATION 160/187

Page 15: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

FSA CONSULTATION 160/187FSA CONSULTATION 160/187

CUSTOMER CLASSIFICATIONCUSTOMER CLASSIFICATION

- - RETAILRETAIL

- - COMMERCIALCOMMERCIAL

Page 16: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

FSA CONSULTATION 160/187FSA CONSULTATION 160/187

CUSTOMER CLASSIFICATIONCUSTOMER CLASSIFICATION

- - RETAILRETAIL - COMMERCIAL- COMMERCIAL

- - STATUS DISCLOSURESTATUS DISCLOSURE

- COMPLAINTS- COMPLAINTS

Page 17: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 160/187CP 160/187

FAIR TREATMENT OF CONSUMERSFAIR TREATMENT OF CONSUMERS

Page 18: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 160/187CP 160/187FAIR TREATMENT OF CONSUMERSFAIR TREATMENT OF CONSUMERS

- COMMISSION DISCLOSURE - COMMISSION DISCLOSURE (COMMERCIAL)(COMMERCIAL)

- UNFAIR INDUCEMENTS- UNFAIR INDUCEMENTS

- EXCESSIVE CHARGES (RETAIL)- EXCESSIVE CHARGES (RETAIL)

- CANCELLATION RIGHTS (RETAIL) - CANCELLATION RIGHTS (RETAIL) 14 DAYS 14 DAYS

Page 19: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 160/187CP 160/187

FAIR TREATMENT OF CONSUMERSFAIR TREATMENT OF CONSUMERS

- COMMISSION DISCLOSURE- COMMISSION DISCLOSURE - UNFAIR INDUCEMENTS. - UNFAIR INDUCEMENTS.

- CLAIMS HANDLING - CLAIMS HANDLING

CLAIMSCLAIMS

- FAIR AND PROMPTLY- FAIR AND PROMPTLY

- PROMPT PAYMENT WHEN SETTLEMENT AGREED. - PROMPT PAYMENT WHEN SETTLEMENT AGREED.

- DISCLOSE ANY POTENTIAL CONFLICT OF- DISCLOSE ANY POTENTIAL CONFLICT OF

INTEREST INTEREST

Page 20: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 160/187CP 160/187STATUS DISCLOSURESTATUS DISCLOSURE

RETAIL CUSTOMERS ( BEFORE CONCLUSION OF POLICY OR INCURRING FEES)RETAIL CUSTOMERS ( BEFORE CONCLUSION OF POLICY OR INCURRING FEES)

a) STATUTORY STATUS & HOW TO CHECK FSA REGISTERa) STATUTORY STATUS & HOW TO CHECK FSA REGISTER b) CAPITAL OR VOTING RIGHTS HELD IN OR BY OTHER INSURANCE UNDERTAKINGS (10%)b) CAPITAL OR VOTING RIGHTS HELD IN OR BY OTHER INSURANCE UNDERTAKINGS (10%)

c) HOW TO COMPLAIN TO THE FIRM & AVAILABILITY OF FOSc) HOW TO COMPLAIN TO THE FIRM & AVAILABILITY OF FOS

d) ANY FEES FOR ADVICE ( AS OPPOSED TO PRODUCT RELATED CHARGES )d) ANY FEES FOR ADVICE ( AS OPPOSED TO PRODUCT RELATED CHARGES )

Page 21: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP160/187 PRODUCT CP160/187 PRODUCT DISCLOSUREDISCLOSURE

GIVE RETAIL CLIENTS ON DURABLE MEDIUM PRE COVERGIVE RETAIL CLIENTS ON DURABLE MEDIUM PRE COVER

FACE TO FACE DISTANCE YES DISTANCE NOFACE TO FACE DISTANCE YES DISTANCE NO (POST/NET) (‘ PHONE)(POST/NET) (‘ PHONE)

POL SUMMARY * * xPOL SUMMARY * * x

PRICE INFO * * xPRICE INFO * * x

HOW TO CLAIM *HOW TO CLAIM *

POL DOCUM’T *POL DOCUM’T *

x CAN BE ORAL BUT MUST GIVE ALL INFO IMMEDIATELY AFTERWARDSx CAN BE ORAL BUT MUST GIVE ALL INFO IMMEDIATELY AFTERWARDS

Page 22: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP160/187 PRODUCT CP160/187 PRODUCT DISCLOSUREDISCLOSURE

RETAIL CUSTOMERSRETAIL CUSTOMERS

- KEY INFO: BENEFITS/EXCLUSIONS - KEY INFO: BENEFITS/EXCLUSIONS

UNBUNDLE PREMIUMS / ADVISE IF INSURANCE OPTIONAL?UNBUNDLE PREMIUMS / ADVISE IF INSURANCE OPTIONAL?

- POLICY SUMMARY / “SIGN POSTING” - POLICY SUMMARY / “SIGN POSTING”

- RENEWALS MUST BE PROVIDED TO THE CUSTOMER ON - RENEWALS MUST BE PROVIDED TO THE CUSTOMER ON

“ “DURABLE MEDIUM” 21 DAYS BEFORE POLICY EXPIRESDURABLE MEDIUM” 21 DAYS BEFORE POLICY EXPIRES

Page 23: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159 APPOINTED CP 159 APPOINTED REPRESENTATIVES (AR)REPRESENTATIVES (AR)

““AR ACTS AS AGENT FOR AUTHORISEDAR ACTS AS AGENT FOR AUTHORISED

FIRMS WHICH ACCEPT CONTRACTUALFIRMS WHICH ACCEPT CONTRACTUAL

RESPONSIBLE (IN WRITING) FORRESPONSIBLE (IN WRITING) FOR

CERTAIN ACTIVITIES”CERTAIN ACTIVITIES”

Page 24: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159

- - AN AR IS EXEMPT FROM AUTHORISATIONAN AR IS EXEMPT FROM AUTHORISATION

Page 25: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159

- AN AR IS EXEMPT FROM AUTHORISATIONAN AR IS EXEMPT FROM AUTHORISATION

- REGISTER FOR ARREGISTER FOR AR

- CANNOT BE EXEMPT AND AUTHORISEDCANNOT BE EXEMPT AND AUTHORISED

Page 26: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159

- SUBSTITUTABLE PRODUCT CATEGORIESSUBSTITUTABLE PRODUCT CATEGORIES

- SINGLE/MULTI PRINCIPAL REGIME.SINGLE/MULTI PRINCIPAL REGIME.

- INTER PRINCIPAL AGREEMENTSINTER PRINCIPAL AGREEMENTS

Page 27: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159AR ACTIVITIESAR ACTIVITIES

- CAN INTRODUCE, ARRANGE, ADVISE- CAN INTRODUCE, ARRANGE, ADVISE

Page 28: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159AR ACTIVITIESAR ACTIVITIES

- CAN INTRODUCE, ARRANGE, ADVISECAN INTRODUCE, ARRANGE, ADVISE

- MONEY RESTRICTIONSMONEY RESTRICTIONS

Page 29: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159AR ACTIVITIESAR ACTIVITIES

- CAN INTRODUCE, ARRANGE, ADVISECAN INTRODUCE, ARRANGE, ADVISE

- MONEY RESTRICTIONSMONEY RESTRICTIONS

- NO CLAIMS INVOLVEMENTNO CLAIMS INVOLVEMENT

- ? CONCLUDE? CONCLUDE

Page 30: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 159CP 159AR ACTIVITIESAR ACTIVITIES

- CAN INTRODUCE, ARRANGE, ADVISECAN INTRODUCE, ARRANGE, ADVISE

- MONEY RESTRICTIONSMONEY RESTRICTIONS

- NO CLAIMS INVOLVEMENTNO CLAIMS INVOLVEMENT

INTRODUCER ARINTRODUCER AR

Page 31: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174PRUDENTIAL AND OTHER REQUIREMENTSPRUDENTIAL AND OTHER REQUIREMENTS

- PERIMETER GUIDANCEPERIMETER GUIDANCE

- HIGH LEVEL STANDARDS SYSTEMS AND HIGH LEVEL STANDARDS SYSTEMS AND CONTROLS.CONTROLS.

- FINANCIAL RESOURCEFINANCIAL RESOURCE

- COMPENSATIONCOMPENSATION

- LLOYDSLLOYDS

Page 32: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174

INTERMEDIARIESINTERMEDIARIES

FINANCIAL RESOURCE SECURITYFINANCIAL RESOURCE SECURITY

P.I. SEGREGATED

A/CCAPITAL

COMPENSATION

SCHEME

Page 33: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174PROFESSIONAL INDEMNITYPROFESSIONAL INDEMNITY

- LIMITS £1M OR 3 X INCOME- LIMITS £1M OR 3 X INCOME

MAX £10M. MAX £10M.

- ALTERNATIVE GROUP G’TEES.- ALTERNATIVE GROUP G’TEES.

Page 34: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174

SEGREGATED ACCOUNTSSEGREGATED ACCOUNTS

- COMPULSORY, UNLESS RISK TRANSFERRED- COMPULSORY, UNLESS RISK TRANSFERRED

Page 35: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174

SEGREGATED ACCOUNTSSEGREGATED ACCOUNTS

- COMPULSORY UNLESS RISK TRANSFERREDCOMPULSORY UNLESS RISK TRANSFERRED

- STATUTORY TRUST FOR “PRIVATE”STATUTORY TRUST FOR “PRIVATE”

Page 36: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174

SEGREGATED ACCOUNTSSEGREGATED ACCOUNTS

- COMPULSORY UNLESS RISK TRANSFERREDCOMPULSORY UNLESS RISK TRANSFERRED

- STATUTORY TRUST FOR “PRIVATE”STATUTORY TRUST FOR “PRIVATE”

- VOLUNTARY TRUST “NON-PRIVATE”VOLUNTARY TRUST “NON-PRIVATE”

- AUDITAUDIT

Page 37: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174CAPITAL.CAPITAL.

NOT HOLDING CLIENT MONEYNOT HOLDING CLIENT MONEY

- MIN 5K OR 5% OF INCOME- MIN 5K OR 5% OF INCOME

HOLDING CLIENT MONEYHOLDING CLIENT MONEY

- MIN 10k OR 5% OF INCOME OR 5% OF CLIENT- MIN 10k OR 5% OF INCOME OR 5% OF CLIENT

MONEY BALANCES. MONEY BALANCES.

- INTANGIBLES- INTANGIBLES

Page 38: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174

COMPENSATIONCOMPENSATION

- EXTEND FSCSEXTEND FSCS

- LEVELS 90%, 100% COMPULSTORYLEVELS 90%, 100% COMPULSTORY

- ALREADY INCLUDES “NON PRIVATE”ALREADY INCLUDES “NON PRIVATE”

TO £1M TURNOVERTO £1M TURNOVER

Page 39: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174APPROVED PERSONSAPPROVED PERSONS

Page 40: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 174CP 174APPROVED PERSONSAPPROVED PERSONS

- NUMBERS LINKED TO EXECUTIVE NUMBERS LINKED TO EXECUTIVE BOARDBOARD

- SMALLER FIRMS ANTICIPATED ONE SMALLER FIRMS ANTICIPATED ONE PERSON WILL MEET CRITERIAPERSON WILL MEET CRITERIA

Page 41: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 180 APPLICATION CP 180 APPLICATION FEES FEES

• < 31/5< 31/5 > 31/5> 31/5 INCOMEINCOME e - maile - mail paperpaper e-mail e-mail paper paper

0 - 1m0 - 1m 500 500 600600 1,100 1,100 1,200 1,200

1 - 25m1 - 25m 8,7508,750 8,750 10,750 11,000 8,750 10,750 11,000

>25 m 22,500>25 m 22,500 23,000 24,500 25,000 23,000 24,500 25,000

Page 42: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP 180CP 180FINANCIAL SERVICES COMPENSATION FINANCIAL SERVICES COMPENSATION

SCHEME SCHEME

- - COMPENSATION FUND LEVYCOMPENSATION FUND LEVY ““Pay as you go”Pay as you go”

- MANAGEMENT EXPENSES LEVY- MANAGEMENT EXPENSES LEVY

Consultation rules & funding in CP Jan 04 Consultation rules & funding in CP Jan 04

Page 43: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP180 CP180 FINANCIAL OMBUDSMANFINANCIAL OMBUDSMAN

-- GENERAL LEVYGENERAL LEVY - ( IFA 2003/4 £20 per Approved Person- ( IFA 2003/4 £20 per Approved Person

Subject to Minimum £75 per firm ) Subject to Minimum £75 per firm ) - - CASE FEECASE FEE - £360 per case or £600 per “special” - £360 per case or £600 per “special”

case case

Page 44: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

CP192 FEESCP192 FEES( SUPPLEMENT 180 )( SUPPLEMENT 180 )

SUGGESTS THAT DIRECT INSURERS SUGGESTS THAT DIRECT INSURERS SHOULD HAVE “WEIGHTING” OF 10% ON SHOULD HAVE “WEIGHTING” OF 10% ON PREMIUMS TO ARRIVE AT FIGURE ON PREMIUMS TO ARRIVE AT FIGURE ON WHICH THEIR FEES WILL BE CALCULATEDWHICH THEIR FEES WILL BE CALCULATED

EQUATES TO 9.O9% ? IS THIS ENOUGH ?EQUATES TO 9.O9% ? IS THIS ENOUGH ?

Page 45: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

EXTERNAL COSTSEXTERNAL COSTS

APPLICATION FEE APPLICATION FEE

PERIODIC FEESPERIODIC FEES

FINANCIAL SERVICES COMPENSATIONFINANCIAL SERVICES COMPENSATION

FINANCIAL OMBUDSMAN SERVICE FINANCIAL OMBUDSMAN SERVICE

Page 46: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

BROKER COSTSBROKER COSTS

PROFESSIONAL INDEMNITY INSCEPROFESSIONAL INDEMNITY INSCE

CAPITAL REQUIREMENTSCAPITAL REQUIREMENTS

TRAINING & COMPETENCETRAINING & COMPETENCE

SYSTEMS ( ? I/T ) SYSTEMS ( ? I/T )

Page 47: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

BROKER BENEFITSBROKER BENEFITS

LEVEL PLAYING FIELDLEVEL PLAYING FIELD

LESS COMPETITION FOR BROKER SECTORLESS COMPETITION FOR BROKER SECTOR

MORE ROBUST BUSINESSESMORE ROBUST BUSINESSES

MORE VIBRANT BROKER SECTORMORE VIBRANT BROKER SECTOR

Page 48: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

NEXT STEPSNEXT STEPS

BE PREPARED - DON’T BE SCAREDBE PREPARED - DON’T BE SCARED

BUSINESS & COMPLIANCE PLANBUSINESS & COMPLIANCE PLAN

GAP ANALYSIS & PROJECT PLANGAP ANALYSIS & PROJECT PLAN

BE AWARE - HAVE YOUR SAYBE AWARE - HAVE YOUR SAY

Page 49: BRITISH INSURANCE BROKERS ’ ASSOCIATION British Insurance Brokers’ Association

BRITISH BRITISH INSURANCEINSURANCE BROKERSBROKERS’’

ASSOCIATIONASSOCIATION

British Insurance Brokers’ Association