The Burges Salmon Insurance team attended Europe’s largest insurance event, the BIBA Conference 2014, which took place over two days on Wednesday 14 and Thursday 15 May.
The British Insurance Brokers' Association (BIBA) is a leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
The conference was buzzing and provided an excellent opportunity to connect with brokers and intermediaries and discuss emerging issues around our theme of regulatory compliance.
Brokers discussed with us their need for efficient compliance in one of the most highly regulated environments. Identifying the regulator’s priorities and interests is just the first step. Clear-minded analysis of customers, products, business, risks and opportunities are required together with an insight into the way the Financial Conduct Authority (FCA) views all of these. Finally, communication is key: a constructive approach and a good relationship with the FCA can reduce administrative burden but with the FCA assessing your business model and making judgment-led decisions about it, robust engagement may also be required to put your views and protect your interests.
Our team advises insurance sector clients including brokers of all sizes on legal and regulatory issues. We have a detailed understanding of the changing regulatory environment for brokers today. From reporting obligations, FCA investigations and skilled person reports to ensuring compliance with client money rules and anti-bribery laws we can help brokers deal with their regulatory issues.
Members of the team in attendance were:
• Tim Pope, legal director. Tim is a specialist on FCA regulation and was seconded to the FCA during 2013.
• Kari McCormick, partner and head of the firm’s insurance practice. Kari has a wealth of experience in the insurance industry including brokers’ risks and liabilities.
• Julie Book, associate, assists insurance industry members with business matters including joint ventures, acquisitions and disposals, and compliance with company law.
• Anna Briggs, associate, focusses on regulatory compliance including the interface between FCA regulation and the use of technology.
• Thomas Webb, senior associate, is a specialist on bribery, fraud and white collar crime including how to avoid committing criminal offences or breaching regulatory obligations.
• Tim Deacon, associate, advises insurance industry clients on a wide range of commercial issues around the distribution of insurance products.
• Hannah Miller, solicitor, advises brokers on a wide range of contentious and regulatory issues.