Press releases

Deloitte comments on the FCA’s Thematic Review, Principals and their appointed representatives in the general insurance sector

22 July 2016

Mark McIlquham, insurance partner at Deloitte, said:

“The results of this thematic review are consistent with the FCA’s clear focus on the insurance distribution chain and the conduct risk within it, especially in respect of personal lines business.

“Some distributors of insurance policies may have believed that being an appointed representative (AR) was a lighter touch than being directly regulated. This pronouncement shows once and for all that this is not the case.

“Getting comfortable with the way that a principle firm oversees its network of ARs enables the FCA to efficiently supervise a significant number of firms selling general insurance.

“The results of this review demonstrate unequivocally that ARs need to be closely overseen and monitored. Firms need a comprehensive and risk based framework for overseeing their ARs, including take on. Through ongoing monitoring, they will need to ensure that the AR is operating to standards consistent to that of the principle firm and demonstrably within its risk appetite.”


Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

Fern Hammond
Deloitte LLP
+44 020 7303 2329
+44 078 2689 1752

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