The Regulator published a guidance note last week on the payment of commission and fees in the financial services industry. It affects both short- and long-term insurers, and includes guidelines on practices which may be seen as contraventions of the Conflict of Interest legislation.
It concludes with a warning that those acting in contravention of these guidelines will face disciplinary action.
We believe that this is the first step in clamping down on malpractices and advise readers to study the guidelines carefully to ensure that they are not in contravention of the rules.
Please click here to download the FSB document. Look under the “FSB Board Notices” section.