Broking Business: Winter 2019/20

read timeRead time: 21 mins
Welcome to the latest edition of Broking Business. There is probably no-one in the country who has not felt confused over Brexit at some stage since the 2016 referendum. Even after 31 January, many businesses remain unsure what to expect. An EU:UK Trade Agreement by the end of 2020 should shed more light – assuming there is one. But the feeling is the insurance sector is unlikely to benefit.

So what’s the best way to continue serving your EU clients? We explore how to set up a new EU broking company (NewBro) – and how it can reduce your exposure to corporation tax and VAT.

In January, the government announced plans to review the proposed new rules for employment status workers hired via an intermediary. Originally due to be introduced in April, the rules are likely to clamp down on taking on a consultant offpayroll. We help you prepare for this.

What are ‘adequate financial resources’? We guide you through the FCA’s 2019 consultation paper. How should you assess your resources? And how should your firm manage risk, prevent ‘harm’ and be covered for a wind-down if needed?

Plus, how is your firm faring with IDD (the Insurance Distribution Directive), introduced in October 2018? It seems the PROD rules may be a sticking point. And we also provide a check list for SM&CR. Are you in line with the specifications?

As ever, we’d like to hear your feedback and ideas for the newsletter.