RR Compliance Associates

What are the Terms of Business Agreements (TOBA)? TOBAs record the general terms and conditions on which business will be transacted. Once an authorised signatory within your firm signs and returns a TOBA, you’re legally bound by its terms. This includes changes to the TOBA, termination clauses, or any other terms within the agreement – even if you later find them inappropriate. So, it’s vital you understand what you’re agreeing to when signing a TOBA. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #clientmoney #Startup #FAQ #toba

Merry Christmas & Happy New Year 🎄 To everyone who has supported us in 2024, we say a huge THANK YOU! We look forward to working with you in 2025. #RRCA #MerryChristmas #ThankYou

Did You Know? You can subscribe to our newsletters! Stay up-to-date with regulatory changes, industry insights, and best practices by subscribing to our newsletters. Our newsletters provide concise, actionable information to help you navigate the ever-changing compliance and risk management landscape. Subscribing is easy! Simply visit our website at https://lnkd.in/gx3kpCQ and look for the newsletter subscription form. Enter your email address, and you're all set to receive our newsletters directly to your inbox. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup

The FCA have launched a consultation ‘CP24/28: Operational Incident and Third Party Reporting’ on their proposed new incident and third party reporting requirements for regulated financial services firms. Firms face growing challenges to remaining operationally resilient. When operational incidents do occur, the disruption to the services firms provide can harm consumers and the wider sector. Currently, some firms are unclear about how to report such incidents, which often leads to inconsistencies in the information submitted to the FCA. This consultation paper proposes clearer and more consistent operational incident and third-party reporting requirements. The proposals include a definition of an ‘operational incident,’ when to report one, and a standardised template for submission. This should ensure that firms know when and what information to report to us, set clearer expectations, and ensure a level playing field for firms to operate within.     These proposals will also help the FCA identify those third parties whose services are used by a large proportion of a sector and which may be suitable for recommendation to HMT to consider designation as critical third parties (CTPs).   The proposals, developed with the Prudential Regulation Authority (PRA) and the Bank of England (Bank), aim to enhance incident and third-party risk management, strengthen firms’ operational resilience and minimise harm.    The FCA ask for your feedback by 13 March 2025.    For more information, please contact: cp24-28@fca.org.uk   #FCA #Regulation #Cosultation #Consumer #PRA #ComplianceConsultant

Welcome to this weeks regulatory update, including the following; - The FCA's Quarterly Consultation - Enhanced Notification Process via FCA's SUP 15 Web Form - Free Cyber-Security Tool for Small Businesses - Industry Guide on Defining Major Cyber Events - Court of Appeal Spotlights Principal's Liability for Appointed Representatives in the UK Download the latest edition to find out what's happening, how it might affect you and what you can do about it. #compliance #regulation #FCA #complianceconsultant #RRCA #Insurance #LloydsBroker #LondonMarket

NEWS: The Court of Appeal has delivered a significant decision in KVB Consultants Limited v Jacob Hopkins Mckenzie Ltd that affects how principal firms are liable for their Appointed Representatives (ARs). The insurance sector should pay particular attention to this ruling given the common use of AR arrangements and the potential exposure to activities outside core permissions. This December 2024 ruling has crucial implications for regulatory hosts and principals. The case centred on whether Kession Capital Ltd (KCL) was liable for its AR's actions in promoting collective investment schemes to retail customers - activities outside KCL's own authorisation. The Court found that once a principal accepts responsibility for a "part" of business under FSMA s.39, they cannot limit liability for "how" that business is conducted. Even contractual restrictions prohibiting certain activities may not protect principals from liability. This ruling has several implications for insurance firms: ◾ Principals may be liable even for AR activities outside their own regulatory permissions ◾ Simply excluding activities in AR agreements may not be sufficient protection ◾ The distinction between "what" business is accepted and "how" it's conducted is crucial What do you need to do? ◾ Review and potentially update AR agreements to clearly define the business scope ◾ Enhance supervision and audit programs for ARs ◾ Check insurance coverage carefully - policies may not cover activities outside the firm's permissions ◾ Consider requiring ARs to explicitly disclose restrictions to customers The ruling aligns with a broader regulatory focus on consumer protection. For that reason, it is worth considering implementing clear customer communications about AR restrictions and reviewing how this affects your Consumer Duty implementation. Please note that the case is expected to go to the Supreme Court for final clarification, but firms should act now to review their AR arrangements and controls. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #AR #ConsumerDuty #CourtofAppeal

The recent case of Fernanda Hermosilla, who experienced unwanted physical contact at a work Christmas party, highlights an uncomfortable truth that many, particularly women, know all too well: what should be moments of collective celebration can quickly become scenes of vulnerability and distress. The Christmas party season brings with it a particular challenge. As workplace boundaries soften and spirits rise, the line between festive fun and inappropriate behaviour can become blurred for some. But this blurring is precisely what makes such gatherings potentially dangerous. When someone decides to make unwanted advances, they're not just crossing professional boundaries – they're violating personal space and dignity. What makes these situations particularly complex is the power dynamic at play. Ms Hermosilla's hesitation in reporting an earlier incident because she was "on probation" reflects a common fear: speaking up might jeopardise her professional future. The choice between maintaining workplace harmony and personal safety should never be one anyone has to make. For employers and colleagues alike, this calls for a renewed commitment to creating truly inclusive celebrations. The festive season should be a time of genuine celebration and connection. But this can only happen when we acknowledge that personal boundaries don't dissolve just because we're in a party setting. Failing to handle workplace harassment properly has some very real direct financial and reputational costs—in this case, £36,000 in settlements plus damage to organisational reputation. It's time to make sure that your policies, procedures, and training clearly state the behaviours expected from staff. https://lnkd.in/eU3RfpSq #Compliance #ComplianceConsultant #Insurance #Culture

Are you sure you're staying on the right side of risk transfer agreements and CASS compliance? Our latest blog breaks down everything you need to know. So, if you want to know more about Terms of Business Agreements (TOBAs) and their crucial role in your business or understand the difference between risk and non-risk transfer agreements, you're in the right place! Our clear, actionable guide helps you stay compliant and on the right side of FCA regulations: https://lnkd.in/eqAmX-_y. Do you have any questions about implementing compliant processes in your firm? Get in touch today. #compliance #FCA #growth #RRCA #complianceconsultant

Did You Know? You can subscribe to our newsletters! Stay up-to-date with regulatory changes, industry insights, and best practices by subscribing to our newsletters. Our newsletters provide concise, actionable information to help you navigate the ever-changing landscape of compliance and risk management. Subscribing is easy! Simply visit our website at https://lnkd.in/gx3kpCQ and look for the newsletter subscription form. Enter your email address, and you're all set to receive our newsletters directly to your inbox. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup

What is a Data Impact Assessment (DPIA)? A Data Protection Impact Assessment (DPIA) is a process to help you identify and minimise the data protection risks of a project. You must do a DPIA for processing that is likely to result in a high risk to individuals. This includes some specified types of processing. There are four stages of a DPIA which must include the following; ▶ describe the nature, scope, context and purposes of the processing; ▶assess necessity, proportionality and compliance measures; ▶identify and assess risks to individuals; and. ▶identify any additional measures to mitigate those risks. If in doubt, just give our expert consultants a call. #Compliance #ComplianceConsultant #Insurance #Regulation #FCA #Crypto #Startup #FAQ