Authority publishes insurance intermediaries thematic report
The Isle of Man Financial Services Authority has published a report highlighting the findings of a thematic review relating to insurance intermediaries.
The conduct-based review was carried out by the Prudential Supervision Division to assess compliance with the relevant legislation and identify any common themes regarding the fair treatment of customers.
A total of 27 Island firms responded to the initial questionnaire, while a sample of seven firms was selected using a risk-based approach to provide additional information as part of a desk-based review in phase two.
A range of insurance intermediaries took part, including firms that are fully registered or partially exempt, but excluding those registered in respect of packaged bank accounts only.
The thematic report, which is available to view on the publications section of the Authority's website, sets out the findings, as well as key observations and examples of good practice and areas for improvement.
The data will inform the Authority’s picture of risk within the sector and support its work to protect consumers and maintain confidence in the finance industry through effective regulation.
Andrew Kermode, Head of the Prudential Supervision Division, said: ‘Thematic reviews help to identify issues or trends within industry, including areas that may pose higher risks. The findings improve the depth and breadth of the Authority’s knowledge through observation of firms’ practices and the inspection of records. The review of insurance intermediaries focused on conduct risk, more specifically the fair treatment of customers. Firms are encouraged to read the report and consider any action necessary to ensure their own processes are effective, up-to-date and properly documented.’