THE JFSC PLAN GIMB CONDUCT OF BUSINESS VISITS
06/08/2024
The JFSC has selected entities from the general insurance mediation business (GIMB) sector to participate in thematic assessment visits focused on
- Section 2 of the GIMB of the Code of Practice – “A registered person must have due regard for the interests of its clients”.
- https://www.jerseyfsc.org/industry/codes-of-practice/general-insurance-mediation-business-code-of-practice/#2-a-registered-person-must-have-due-regard-for-the-interests-of-its-clients
Thematic assessment visits follow a similar methodology to the JFSC's usual thematic examinations but are
- Sector-specific and
- Narrower in focus.
The JFSC will assess the following themes and associated controls along with the effectiveness of the controls:-
- How the principle of “best advice to clients” is considered.
- What documentation is provided to the client?
- Policies and procedures regarding the establishment, maintenance, transfer or closure of business relationships in an expeditious manner
- How conflicts of interest are disclosed to clients
- Complaint handling
- Transparency of fees and charges
- How policy exclusions are communicated to clients
- Internal systems and controls related to the loss, misuse or misappropriation of client money.
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.