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Conduct Rules for Senior Managers at Insurance Firms

In-depth 60 Minutes SMCR All staff

Under the Senior Managers Regime, all senior managers must comply with the FCA's six Individual Conduct Rules (ICRs) and four Senior Managers Rules (SMRs).

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Operational Resilience

In-depth 55 Minutes All staff

Operational resilience is a requirement for Insolvency II insurers, banks, building societies, investment firms designated by the PRA and other financial institutions.

Conduct Risk

In-depth 50 Minutes All staff

The FCA focuses on good customer outcomes and how a firm achieves this through staff conduct at all levels of the business.

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Complaints Handling

In-depth 45 Minutes All staff

The number of complaints submitted in the Insurance sector has increased year on year in recent times in the UK.

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Ethical Standards in Insurance and Investment

In-depth 45 Minutes All staff

The intent behind creating an ethical business culture is to aim to do the right thing all the time, as a matter of course.

Information Barriers in Insurance

In-depth 45 Minutes All staff

Educate your employees on what Information Barriers are, the different kinds of Information Barriers that exist in the insurance sector, and what laws and regulations they should follow to ensure compliance.

Insurance Distribution Directive (IDD)

In-depth 45 Minutes All staff

The Insurance Distribution Directive (IDD) replaced the Insurance Mediation Directive (IMD) in February 2018.

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Introduction to UK Financial Regulation

In-depth 45 Minutes All staff

Educate your employees on how the UK's financial services industry is regulated.

Managing Compliantly in General Insurance

In-depth 45 Minutes Managers

Educate your employees on the responsibilities they carry as professionals working in the UK's insurance industry.

Treating Customers Fairly

In-depth 45 Minutes All staff

Treating Customers Fairly (TCF) applies to firms in the Insurance industry.

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Approved Persons

In-depth 40 Minutes All staff

Senior Managers obtain approval to carry out an SMF from the FCA.

CONC - Consumer Credit Regulations

In-depth 40 Minutes All staff

The FCA's Consumer Credit sourcebook (CONC) applies to all firms engaged in credit-related regulatory activities in the UK.

CASS Overview

In-depth 35 Minutes All staff

The FCA's Client Assets Sourcebook (CASS) supports Principle 10 of the FCA's Principles for Businesses.

Claims Handling - General Insurance

In-depth 35 Minutes All staff

Speed and accuracy of claims handling is a major aspect of service differentiation in this industry.

Conflicts of Interest in Insurance

In-depth 35 Minutes All staff

A conflict of interest is where competing interests interfere with the exercising of judgement in a relationship.

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Financial Crime Prevention (Commercial Insurance)

In-depth 35 Minutes Financial Crime All staff

There are two kinds of financial crime.

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Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation in Insurance

In-depth 35 Minutes All staff

The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation has applied since 1 January 2018.

Prudential Regulation

In-depth 35 Minutes All staff

Educate your employees on the Prudential Standards for financial businesses in the UK.

Understanding Failure to Prevent Fraud (FTPF) in Insurance for Managers

In-depth 35 Minutes Failure to Prevent Fraud Managers

Failure to Prevent Fraud (FTPF) is a corporate offence that holds organisations criminally liable if they do not have reasonable measures in place to stop fraud committed by someone acting on their behalf.

Agency Law

In-depth 30 Minutes All staff

The law of agency governs the legal relationship in which an agent deals with a third party on behalf of the principal.

An Introduction to Solvency UK

In-depth 30 Minutes All staff

Solvency II introduced a new, harmonised EU-wide insurance regulatory regime.

Contract Certainty

In-depth 30 Minutes All staff

Contract certainty means that each party will know the exact details of a product at the time when it is being sold, without there being any misunderstandings at a later date It was developed in response to regulatory concerns about the 'deals now – details later' culture of the insurance industry.

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Good Outcomes for Vulnerable Customers

In-depth 30 Minutes All staff

Companies have a legal obligation to ensure that vulnerable individuals do not suffer any detriment and are given the appropriate level of care.

Insurance Act 2015

In-depth 30 Minutes All staff

The Insurance Act 2015 represents the most significant reform of insurance contract law in the UK for over a century.

Overview of the Consumer Duty

In-depth 30 Minutes All staff

Learn about the FCA's Principle 12 and the rules that flow from it, and see how you can apply Consumer Duty in your day-to-day work.

Principles of Insurance

In-depth 30 Minutes All staff

All insurance policies are defined by the seven basic principles of insurance.

Senior Management Arrangements Systems and Controls

In-depth 30 Minutes Managers

Educate your senior managers on the responsibilities they under the FCA's systems and controls regime for financial services firms in the UK.

The UK Insurance Market

In-depth 30 Minutes All staff

The UK offers the most diversified insurance market in the world.

Training and Competence

In-depth 30 Minutes All staff

Educate your employees on the FCA's rules for training and competence of staff in the financial services business.

Understanding Failure to Prevent Fraud (FTPF) in Insurance

In-depth 30 Minutes Failure to Prevent Fraud All staff

Failure to Prevent Fraud (FTPF) is a corporate offence that holds organisations criminally liable if they do not have reasonable measures in place to stop fraud committed by someone acting on their behalf.

CASS 5 - Client Money - Insurance Distribution Activity

In-depth 25 Minutes All staff

CASS rules apply to money belonging to all clients.

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CASS 8 - Mandates

In-depth 25 Minutes All staff

Under the requirements of CASS 8, you must understand what a mandate is and how to deal with them.

CASS 9 - Information to Clients

In-depth 25 Minutes All staff

Under the requirements of CASS 9, you are required to pass on certain information to clients, particularly where prime brokers, custody assets and client money are concerned.

General Insurance Pricing Practices

In-depth 25 Minutes All staff

The General Insurance Pricing Practices signal a new chapter in the FCA's focus on fairly-priced insurance products which provide real value to customers.

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ICOBS - Providing Information and Advising

In-depth 25 Minutes All staff

The Insurance Conduct of Business Sourcebook (ICOBS) for Providing Information and Advising applies to insurance intermediaries.

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Meeting the Conduct Rules in Insurance Firms

In-depth 25 Minutes All staff

Conduct Rules are the standards of behaviour set and enforced by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

Appointed Representatives Regulatory Responsibilities

In-depth 20 Minutes All staff

The FCA expects companies to ensure all their appointed representatives know the provisions within the FCA handbook.

ICOBS - Cancellation and Claims in Insurance

In-depth 20 Minutes All staff

The Insurance Conduct of Business Sourcebook (ICOBS) applies to all non-investment insurance businesses.

ICOBS - Distance Communications

In-depth 20 Minutes All staff

The Insurance Conduct of Business Sourcebook (ICOBS) for distance communications applies to all insurance firms that engage in distance marketing activity in the UK.

ICOBS - General Matters

In-depth 20 Minutes All staff

The Insurance Conduct of Business Sourcebook (ICOBS) for general matters applies to all firms engaged in the insurance business.

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Principles for Businesses

In-depth 20 Minutes All staff

The FCA's Principles for Businesses apply to all financial services firms in the UK regulatory system.

Whistleblowing in Insurance

In-depth 20 Minutes All staff

Our Whistleblowing Training Course educates employees on reporting misconduct safely and ensures protection.

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Introduction to the Consumer Duty

Express 15 Minutes All staff

The Consumer Duty is a set of rules that regulated firms need to follow in order to ensure these firms are fair to customers for the entirety of their relationship with them.

Non-Financial Misconduct

Express 15 Minutes SMCR All staff

Non-financial misconduct is behaviour that is unrelated to regulated activities, including serious offences such as harassment, bullying, sexual discrimination and sexual misconduct The FCA has indicated it is prepared to consider non-financial misconduct when assessing fitness and propriety.

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A brief history of insurance regulation in the UK

Microlearning 5 Minutes All staff

The UK’s rich insurance history has shaped modern regulations that maintain fairness and stability in the market.

Agency authority in insurance

Microlearning 5 Minutes All staff

Agency is a relationship where an insurer appoints an agent to act on its behalf.

Agency in insurance

Microlearning 5 Minutes All staff

An agency relationship in insurance allows one party to act on behalf of another, typically a principal engaging an agent.

Conduct Rule 1: Act with Integrity

Microlearning 5 Minutes All staff

Integrity is a fundamental principle in financial services, ensuring ethical conduct and maintaining customer trust.

Conduct Rule 2: Act with due skill, care and diligence

Microlearning 5 Minutes All staff

People working in financial services must act with due skill, care and diligence, ensuring their actions do not harm customers or the financial system.

Conduct Rule 3: Be open and cooperative with the FCA, the PRA and other regulators

Microlearning 5 Minutes All staff

Financial services firms and employees must be open and cooperative with regulators, including the Financial Conduct Authority and the Prudential Regulation Authority.

Conduct Rule 4: Pay due regard to the interests of customers and treat them fairly

Microlearning 5 Minutes All staff

Financial services professionals must always act in the best interests of customers and ensure they are treated fairly.

Conduct Rule 5: Observe proper standards of market conduct

Microlearning 5 Minutes All staff

Financial markets rely on trust, integrity and adherence to established rules and ethical behaviour.

Conduct Rule 6: Act to deliver good outcomes for retail customers

Microlearning 5 Minutes All staff

Financial services professionals must act in good faith, prevent foreseeable harm and support customers in achieving their financial objectives.

Functions within insurance firms

Microlearning 5 Minutes All staff

Insurance firms perform a variety of functions to create and distribute products, manage risk and serve policyholders.

Lloyd's of London

Microlearning 5 Minutes All staff

Lloyd’s of London is the world’s foremost specialist insurance and reinsurance marketplace.

Principle of contribution

Microlearning 5 Minutes All staff

The principle of contribution ensures that an insured party can recover losses from multiple insurers without exceeding the total amount of the actual loss.

Principle of indemnity

Microlearning 5 Minutes All staff

Indemnity ensures that an insurer compensates the policyholder only for actual losses incurred, not for any potential gain.

Principle of insurable interest

Microlearning 5 Minutes All staff

Insurable interest is the requirement that a policyholder benefits financially from the safety of the insured item or person and suffers a loss if it is harmed.

Principle of proximate cause

Microlearning 5 Minutes All staff

Proximate cause determines which event in a chain of incidents is the primary cause of an insurance claim.

Principle of subrogation

Microlearning 5 Minutes All staff

Subrogation allows an insurer that pays a claim to step into the policyholder’s shoes to seek reimbursement from the responsible party.

Principle of utmost good faith

Microlearning 5 Minutes All staff

Utmost good faith, or "uberrima fides", is a principle in insurance contracts requiring both the insurer and the insured to act honestly and not withhold critical information.

Re-insurance

Microlearning 5 Minutes All staff

Reinsurance is a financial arrangement where insurance firms transfer some of their risks to specialised reinsurers.

Structure of the UK Insurance Market

Microlearning 5 Minutes All staff

The UK insurance market has evolved into one of the most advanced ecosystems globally.

The Insurance Distribution Directive

Microlearning 5 Minutes All staff

The Insurance Distribution Directive is a European Union and United Kingdom regulation designed to protect consumers in insurance transactions.

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