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BulletTRAIN 4 (May 2006)

FSA to review T&C Sourcebook

The FSA recently announced that it plans to conduct a general review of its training and competence regime during 2006. Specifically this is likely to involve changes to the T&C Sourcebook. The regulator has already confirmed that the proposed changes will involve exempting firms who deal only with wholesale or non-private customers from the current detailed rules set out in Chapter 2 of the T&C Sourcebook (TC2).

The FSA’s reasoning may be that customers of businesses operating purely in the wholesale or commercial sphere are typically more sophisticated and that a lighter regulatory touch is therefore appropriate. Some have welcomed this less prescriptive approach, but others have raised concerns that the change will create uncertainty and inconsistency. In addressing these concerns, the regulator has stressed there will be no relaxation in the requirement for firms to ensure the ongoing competence of their staff. It takes the view, however, that it is firms themselves that are best placed, in the first instance, to adjudge what is appropriate for them in terms of a specific T&C plan.

Open Training Workshops

Responding to high levels of demand for courses on key current FSA-related topics, Searchlight will be launching its first open training workshops in London this summer. For the first time we are opening up our workshops on a delegate-by-delegate basis. Initially we will be offering three one-day workshops on Conflicts of Interest (21 June), Treating Customers Fairly (27 June), and Client Money & RMAR (4 July). AXA Insurance has kindly agreed to sponsor these workshops each of which can accommodate up to 25 delegates on a first come first served basis.

The fee for the day is £225 plus VAT per delegate. The emphasis is very much on providing practical guidance and interpretation, helping delegates to understand what they should and should not do in relation to each of these key areas so that they can formulate their own individual plans. Early indications are that places will go very quickly, in which case we will certainly be looking at putting on more workshops on an open market basis.

Ready for a Masterclass?

For several years now, Searchlight has been running a very successful programme of Local Training Clubs (LTCs) in conjunction with AXA Insurance. These enable broking firms to share training in a cost effective way by nominating employees, either individually or in small groups, to attend workshops held in their local area. Building on the established popularity of these LTCs, we have now decided to offer a series of regional (rather than local) Masterclasses that go beyond the introductory or intermediate level at which existing LTC workshops are typically pitched. The Masterclasses will be aimed at more specialist senior brokers, compliance officers and directors who already have a good working knowledge of the topics covered but wish to develop their knowledge further so as to perform more effectively in their roles.

They will take a case-study based approach, slanted towards examining specific scenarios, allowing thoughts and ideas to be exchanged in a relaxed and informal but practical atmosphere. Initially we are offering a selection of nine possible Masterclass topics initially, covering a range of technical insurance, management and regulatory issues, and are currently inviting nominations.

Trainer Profile: David Barrett

David Barrett ACII is a former broker with a huge breadth and depth of knowledge and experience in a variety of commercial lines insurance classes. He has been a trainer with Searchlight since 2004, working with customers such as Alexander Forbes, BIBA, JLT and Miller Insurances to deliver training on a range of topics including commercial property, D&O, PI and motor fleet.

Before moving into training David worked for Reed Stenhouse in Croydon and subsequently Anchor Insurance Bro

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