Broking Business: Summer 2019

read timeRead time: 25 mins
As we head into the second half of the year, it’s not just the next Brexit deadline that’s looming. By 9 December all FCA firms must submit the required documents under the Senior Managers  and Certification Regime (SM&CR) rules.

Individual accountability is at the heart of this FCA initiative. We provide a guide to completing these two tasks on time and in the most pain-free way.

Still on the FCA, we bring you the results of its useful Market Study of the wholesale market. In a nutshell, the sector will need to focus more on broker conflicts of interest and on the closer scrutiny of remuneration and commission disclosure that’s coming your way. Find out more in our article. 

If you’re likely to be involved in an acquisition, either as vendor or buyer, we also explain why it’s crucial to carry out client money due diligence properly. Connected to this is the setting up of a non-statutory trust (NST). Insurance lawyer Carol Ann Burton focuses on the legal aspects and how to avoid common pitfalls.

As always we’d love to hear your views on the newsletter and suggestions for articles in future issues.

Tax Partner appointment We also use this opportunity to announce our appointment of a highly experienced new business tax Partner, Howard Jones, specialising in the insurance sector. With increasing demand from our insurance clients, we are expanding our tax advice team to meet your specific needs.

Howard has helped businesses from owner-managed brokers to listed multinationals and has worked for insurance broker Aon. He joins us from Grant Thornton, where he led the insurance tax team and has also worked for two of the Big Four accountancy firms.