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Non Executive and Executive Directors responsibilities for Conduct Risk
The Directors of Managing Agents will be aware of the new Lloyd’s minimum standards on Conduct Risk. Wholesale and Reinsurance firms may feel that this development may have little impact on their business but the focus from the Financial Conduct Authority is to ensure that all policyholders are treated with the highest integrity.
“we have dedicated a significant part of our supervisory resource engaging with Lloyd’s and London market firms and in particular improving our understanding of the conduct risk profile of the Lloyd’s market, what types of customers firms in this market serve and the different levels of their sophistication. We are keen to continue our dialogue with Lloyd’s on the degree of oversight they can give in respect of managing agents’ conduct obligations and this will be a key area in the coming year.” Speech by Clive Adamson, Director of Supervision, the FCA June 2014
We have designed an intensive 2 hour briefing for Non Executive and Executive Directors who want to understand their role in overseeing Conduct Risk and because our consultants have substantial experience in conduct regulation we can share some insights into what regulators are looking for. We also address some of the difficult issues that surround the distribution chain and oversees policyholders.
The event will be held in the City on the Thursday 22nd January 2014 at 10.00am and full details of the agenda and a booking form can be found on this link “Overseeing Conduct Risk in the Lloyd’s wholesale market” We also recommend that you consider running this event in house for your Board. This prompts open debate and discussion of the particular challenges they face in ensuring Directors have the right information to evidence that they control the conduct risks in their firm. Please call or send me an email if you would like to discuss an in house event.
We look forward to seeing you there.
+44 (0) 20 7764 0721.
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