Broking Business – Issue two: Summer 2023

read timeRead time: 25 mins

Welcome to the latest edition of Broking Business – Issue two: Summer 2023.

Consumer Duty continues to remain high on the regulatory radar. In this edition, with the first implementation deadline for embedding Consumer Duty in business operations looming, Richard Willshire, Director in our Governance, Risk and Control Assurance team, sets out a plan of attack to get the job done ahead of the July 2023 deadline.

The FRC’s proposed changes to FRS 102 are likely to have a significant impact on brokers. Satya Beekarry, Partner in our Financial Services team, explains why brokers should start planning now. 

Transfer Pricing Director Farhan Azeem highlights why UK-based MGAs and brokers operating in the EEA should reassess their business operating model from a transfer pricing perspective.

Our cybersecurity specialist Michael Corcione explains why cybersecurity due diligence on acquisitions is essential, before and after the deal. We also hear from VAT Partner Mark Ellis who looks at the common VAT misconceptions which could lead to significant penalties and put a damper on future deals.

And finally, Head of Tax Chris Riley summarises the measures announced in the 2023 Spring Budget that could impact insurance brokers.

We hope you find this edition useful and thought provoking. As always, please contact any of the team to discuss how we can support your business and let us know your thoughts on future topics