The FCA has started to issue, to a large sample of Principal firms, its detailed and lengthy survey questionnaire about ARs and IARs. The sample includes firms with just one AR and firms with just IARs. The issue of the survey is in line with the FCA’s stated objectives in its 2021/22 Business Plan and its recent 2020/21 Perimeter Report.
The e-mail which accompanies the survey is marked for the attention of the Managing Director / Chief Executive and completion of the survey is compulsory. The FCA intends to use the data collected to inform its policy development for the future and will support its supervisory work on ARs.
The survey, which must be completed and submitted by 17th December 2021, asks firms to provide information about their ARs and about their own business in relation to ARs. This includes detail about a myriad of areas including the ARs’ activities, business models, revenue, how and why the ARs are used, complaints and monitoring.
Firms are asked to provide all the information requested in the survey. If the data is not available or the question is not relevant to a firm, the firm can respond ‘N/A’ where applicable. Firms can also use the comments box at the end of each section of the survey to provide any further comments if they wish to do so.
Please note that some of the information requested is for each AR. If firms have more than a small number of ARs they should ensure that they allow plenty of time to complete this exercise.
It is essential that firms get their responses to this survey right This is a critical piece of information gathering by the FCA. General insurance brokers will already be busy preparing for the onset of the remainder of the new pricing practices regime coming into force at the start of next year. Although firms have two months to complete this survey, it is likely to take some time to complete. Start now.
Get in touch with us if you’re an insurance broker firm looking for support in relation to your ARs or IARs, or in relation to FCA regulation in general. We can help.