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Duty of disclosure: is the refusal to renew residential policy material to a commercial policy?

21 February 2018 | General

Higherdelta Ltd was the owner of commercial properties including a restaurant in Scotland. Its company secretary, director and shareholder was also the owner of a portfolio of residential properties. The non-disclosure of prior events relating to the personal portfolio was held not to be relevant to underwriting the business policy.

Strict compliance with policy cancellation provisions is necessary

20 February 2018 | General

Two 2017 US cases illustrate the importance of a notice cancelling a policy complying strictly with the requirements of the policy and the law.

Information Regulator makes first statement about unlawful processing

19 February 2018 | General

Although the Information Regulator is not yet fully operational, it has already received numerous complaints relating to the unlawful processing of personal information under the Protection of Personal Information Act 2013 (POPI). POPI itself is not yet fully in force. We are currently awaiting publication of a revised draft of the regulations following the closure of public comments in November 2017. See our previous post for more information.

UK chief executive fined £1.15 million over trust funds

06 February 2018 | General

The UK Financial Conduct Authority has fined One Call Insurance Services Ltd and its chief executive £1.15 million for failing to protect its clients’ money and to hold it in trust instead of using it to cover its own financial needs.

quick poll

Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

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