From 15 March 2021, the new financial adviser regulatory framework came into effect, lifting the level of client service and disclosure for all financial products including insurance.
BWRS has been preparing for this change for more than a year, obtaining its interim licence from the Financial Market Authority in Dec 2019, and with nearly 18 months left to do so, more than half of the team who will provide advice to clients are qualified under the new framework, with the balance working towards their achievements over the next 6 months.
“Our team have embraced the changes and their learning, so we’ll have our teams finished their qualifications well ahead of time” says John Chandler, CEO of BWRS. “Having already implemented our Client Commitments, it was very easy for BWRS to adapt its practices and documents to reflect changes to the new requirements. Clients will see the changes in their next contact with our team, but we remain as always focused on meeting the needs of our clients.”
As the changes are implemented right across the profession for insurance brokers, Chief Broking Officer, Jill Comley-Forbes believes clients will be better placed to assess if they are getting value from their adviser in relation to their insurances, and encourages clients to discuss what services are included in their annual agreement with their broker.