It’s a joint approach by three of the industry’s big associations on the new guidance from the FCA on non-financial misconduct;
Following the publication of the Financial Conduct Authority (FCA)’s 2024 report on non-financial misconduct (NFM) in the wholesale specialty insurance market, the FCA requested work be undertaken by trade associations to provide their respective memberships with appropriate support and guidance on non-financial misconduct. Given the uniqueness of the market, the Lloyd’s Market Association (LMA), International Underwriting Association (IUA) and London & International Insurance Brokers’ Association (LIIBA) agreed on a collaborative approach as their messages are aligned on this important topic.
As a result, the associations today launched a new joint training programme for the specialty insurance market – the first of its kind and the first ever joint training programme shared across brokers and underwriters. The programme, delivered in association with compliance consultancy firm Padda Consulting, consists of a series of six workshops tailored for members of the LMA, IUA and LIIBA, with an additional session for Independent Non-Executive Directors (INEDs) and Non-Executive Directors (NEDs) of LMA, IUA and LIIBA member firms.
Sheila Cameron, Chief Executive of the LMA, said: “The NFM workshops are designed to equip key stakeholders across the insurance sector with the knowledge, tools and strategies needed to enhance workplace culture, governance and compliance with FCA expectations. Given the importance of multi-functional oversight in managing NFM, these workshops are tailored for professionals responsible for HR, compliance, risk and executive leadership within member firms of the LMA, IUA and LIIBA.”
Chris Croft, Chief Executive of LIIBA, commented: “The session for INEDs, NEDs and board directors will focus on board-level responsibilities, ensuring directors understand their role in challenging management on NFM oversight, reviewing governance frameworks and assessing whistleblower protections. It will provide strategic insights into whistleblowing responsibilities, cultural risk oversight and regulatory accountability under FCA and Lloyd’s governance principles.”
Dave Matcham, Chief Executive of the IUA, added: “The main group of sessions are designed for HR professionals, responsible for overseeing employee conduct policies, workplace culture and grievance handling; and for compliance officers, ensuring that FCA/PRA requirements and whistleblowing regulations are met. Finally, they are also appropriate for risk managers, who must incorporate NFM-related risks into the firm’s wider risk frameworks. All of these sessions have the potential to help drive significant improvements in culture and behaviour across our industry, as the FCA intended.”
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