Regulatory Changes in 2020

Many of the legislative changes we have been hearing about for some time have now come into effect and are going to impact how we do business, both on new schemes and with existing clients. New requirements are asking all financial service providers to know more about the parties they conduct business with.

At the on-boarding of new schemes, financial advisors will need to gather more information on their clients than previously required and submit this information prior to the start date. Furthermore, all new data requirements will need to be provided for on-boarding. These include ID numbers and contact details of members.

The insurers are bound by legislation in this regard and will not be able to on-board schemes without this information so please do look out for the requirements communicated with the next client of yours that wishes to accept a quote.

Another new requirement is that insurers need to be able to provide proof of the fact that annual reviews are communicated timeously and clearly to clients. We are currently in discussions with them to arrive at the simplest and most practical solution for you and your clients to allow them to fulfil this regulatory obligation, so please look out for new requirements on your scheme’s reviews in the near future in this regard.

The regulatory changes that are coming are unavoidable but we are open to your thoughts and suggestions. If we can work with the insurers in ways that help you meet your regulatory requirements as well, then this will help us as we strive to achieve our aim, which is to make group risk assurance as simple, valuable and personal as possible for you and your clients.

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