Brokers need to protect their lifeblood, their customers. They have an obligation to carry out diligence on those with whom they arrange policies, not only with insurers but including managing general agents (MGAs) and wholesale brokers.

Learn more about Monitoring Markets and FCA expectations >

A question that a broker must ask, whatever the categorisation of an insurance market, is who are we doing business with? The FCA principles refer to this; firms are required to recognise and manage the risks that face businesses. The FCA expects all authorised firms to take due skill, care and diligence when a new or previously unused counterparty is identified for collaboration.

A misconception has often been that these principles pertain mainly to Insurers and risk carriers. However, as the overarching aim of the principles are to protect the end customer, brokers also have an obligation to carry out due diligence on those with whom they arrange policies, including managing general agents (MGAs) and wholesale brokers.

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Control is no longer an expensive luxury.

Learn more about the Software >

myMarkets delivers a simple and effective risk management tool covering the key statutory and legal requirements for the engagement and management of insurance markets, risk carrying or otherwise. All delivered through an on-demand subscription service, with no IT installation costs or delays, you can be up and running immediately.

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Need a best in class market monitoring risk management solution? Market selection along with evaluation and continuous oversight and assessment, is a crucial organisational process.

Learn more about The REG Network >

The REG Network provides global insurance market information and statistics, responding to firms' ever-evolving needs, delivering vital insurance information through a suite of accessible and innovative products and services.

REG Network is an on-demand service that allows regulated businesses to manage, monitor and oversee their supplier and customer relationships, whether they are in the UK or overseas.
From country to country, regulatory and financial information is reported and accessed differently. REG provides services enabling you to obtain, deliver and monitor this information regardless of territory. Public data is supplemented with data from our in-house statistics team, who are continually sourcing the most recently released official statistics from across the globe.

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Want to fulfil your regulatory obligations? myMarkets enables brokers to have key regulatory information at their fingertips.

Through the REG Network, you will be able to >

-  Meet FCA guidance on counterparty oversight
-  Obtain immediate due diligence profiles for firms where you place business or arrange business
-  Receive automated alerts for key profile changes
-  Demonstrate governance with a full audit trail

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Secure digital document storage through a GDPR compliant facility allowing you to retain copies of documents and TOBAs that your market has exchanged with you.

Get in touch

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Contact us:

 
Tel:     0203 946 2880
 
Visit:   The Studio,
           52-54 Gracechurch Street,
           London
           EC3V 0EH

 

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