Levies – ensure contact details are updated
FSPs will be issued with an invoice by the FSCA towards the end of September 2019 for the levies applicable to their FSP. FSPs are reminded to check that all their information and contact details on the FSCA’s website is up-to-date and correct to ensure that their Levy Invoice is received and can be paid before the deadline date of 31 October 2019.
New Replacement Advice Record
FSPs authorised for long-term insurance are reminded that the new Replacement Advice Record prescribed by the FSCA for individual life risk policies (excluding assistance policies, funeral policies or microinsurance policies) came into effect on 1 September 2019. It is important that advisors familiarise themselves with the new format as an inadequate Replacement Advice Record may have an impact on the payment of commission.
For more information on the new Replacement Advice Record, read this article: Format for a replacement advice record (individual risk policies) and related documents