global insurance management

FCA Disclosure Statements

Apr 10 2013

FCA Disclosure Statements

Relevance:                   All firms.

Action required:           Start to make changes to Emails, Terms of Business and other documents.

Contact information for the Financial Conduct Authority (FCA) has now been confirmed and amendments to documentation, stationery and publicity material can be made. Please note that you cannot use the FCA logo on any document (see below).

There is an expectation that where the changes can be made immediately (i.e. on computer templates etc.) this should be carried out.

Email signature and websites

Therefore, for your email signatures and your website(s) you should change the regulatory statement to ‘Authorised and regulated by the Financial Conduct Authority’ (If you quote your Register number this will not change).

Letterheads and other printed matter

The same statement needs to appear in letterheads and other documents but you have 12 months to change these as well as your Terms of Business.

Terms of Business

The status disclosure information under the FCA regime is “authorised and regulated by the Financial Conduct Authority” and cannot be shortened or abbreviated.  Therefore, the relevant paragraph will look like this:

 About us

FIRM NAME and ADDRESS (Tel XXXXXX) is authorised and regulated by the Financial Conduct Authority (FCA).  You can check these details on the Financial Services Register by visiting the FCA’s website or by contacting the FCA on 0800 111 6768.  Our FCA register number is XXXXXX

Also, if “Financial Services Authority” or “FSA” appears anywhere in your document, reference should be changed to the “Financial Conduct Authority” or “FCA”.

In addition and in the light of what we understand to be the position of some insurers concerning the Consumer Insurance Act 2012, we are recommending that the paragraph covering information supplied by consumers/commercial customers be amended as follows:

 Providing information to your insurers

Your insurance is based upon the information provided to the insurance company.  Unless otherwise indicated by the specific insurer underwriting your particular policy, the following circumstances apply.

For Consumers (individuals buying insurance wholly or mainly for purposes unrelated to their trade, business or profession) this means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.

All other customers must disclose all ‘Material Facts’ (any information that may influence the insurer’s decision over cover or terms) prior to inception and throughout the period of insurance. Failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid.

Logos of the FSA and FCA

  • The FCA logo will not be allowed to be used by firms in any respect.
  • The “Keyfacts” logo will continue usage under current requirements.
  • The FSA logo must cease to be shown within 6 months of 01 April 2013, i.e. by 30 September 2013. 

(The FSA has also reminded firms that the terms of the general license provided in relation to the use of the FSA logo only permits its reproduction in letters and electronic equivalents. Using the logo in any other materials, including on firms’ websites, amounts to an infringement of the FSA’s intellectual property rights in the logo.”)

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