SRA Standards and Regulations

Communication and disclosure

You must ensure that, in relation to insurance distribution: you communicate all information, including marketing communications, in a way that is clear, fair and not misleading. your marketing communications are always clearly identifiable as such.

Scope of service

Where you propose, or give a client a personal recommendation for, a contract of insurance, then in good time before the conclusion of an initial contract of insurance and if necessary on its amendment or renewal, you must provide the client with information on whether you: give a personal recommendation on the basis of a fair and personal analysis; are under a contractual obligation to...

Remuneration and the client's best interests

You must not: be remunerated; or remunerate or assess the performance of the firm's employees, in a way that conflicts with their duty to act in each client's best interest. In particular, you must not make any arrangement by way of remuneration, sales target or otherwise that could provide an incentive to the firm or its employees to recommend a particular contract of insurance to a client...

Execution-only business

If you arrange for a client on an execution-only basis any transaction involving a retail investment product, you must send the client written confirmation to the effect that: the client had not sought and was not given any advice from you in connection with the transaction; or the client was given advice from you in connection with that transaction but nevertheless persisted in wishing the...

Scope of service

Where you propose, or give a client a personal recommendation for, a contract of insurance, then in good time before the conclusion of an initial contract of insurance and if necessary on its amendment or renewal, you must provide the client with information on whether you: give a personal recommendation on the basis of a fair and personal analysis; are under a contractual obligation to...

Demands and needs

Prior to the conclusion of a contract of insurance, you must specify on the basis of information obtained from the client, the demands and needs of that client. The details must be adapted according to the complexity of the contract of insurance proposed and the individual circumstances of the client. You must give the client a statement of the client's demands and needs prior to the...

Remuneration disclosure

In good time before the conclusion of the initial contract of insurance and if necessary, on its amendment or renewal, you must provide the client with information: on the nature of the remuneration received in relation to the contract of insurance; about whether in relation to the contract you work on the basis of: a fee, that is remuneration paid directly by the client; a commission of any...

Status disclosure

Notwithstanding the wider information obligations in the SRA Codes of Conduct, you must give the client the following information in writing in a manner that is clear, fair and not misleading before providing a service which includes the carrying on of a regulated financial services activity and in good time before the conclusion of a contract of insurance: a statement that you are not...

Appropriation of payments

Where you are entitled to payments from the same client in respect of two or more regulated credit agreements, you must allow the client to put any payments made, in respect of those agreements, towards the satisfaction of the sum due under any one or more of the agreements in such proportions as the client thinks fit.

Status disclosure

Notwithstanding the wider information obligations in the SRA Codes of Conduct, you must give the client the following information in writing in a manner that is clear, fair and not misleading before providing a service which includes the carrying on of a regulated financial services activity and in good time before the conclusion of a contract of insurance: a statement that you are not...