We have updated our fair processing notice to comply with the new regulations. This will appear in new quotation and policy literature.
Following a review of our terms of business agreements (TOBAs) we would like to bring to your attention that sub-broking is not automatically permitted in our standard TOBA. This means that we are unable to transact business with you if you are accessing our products via another broker's TOBA or you are allowing another broker to access our products via your TOBA and the relevant addendum has not been added.
Much the same as sub-broking, appointed representives (ARs) must be declared to us to ensure that the standard TOBA is amended accordingly. The insurers we select to underwrite our schemes all provide credit risk transfer to all our producing brokers. This facility does not cascade to an AR unless they are declared to and accepted by us. Additionally, client money collected by an AR must collected in the name of the producing broker and they must comply with the relevant CASS5 regulations.
*If any of these scenarios apply to you please contact your business development manager on the details below.