This website uses cookies to ensure you get the best experience on our website.
Read More

Month: September 2023

Consumer Duty

Posted on by Matt Bloomhill

CONSUMER DUTY

The Financial Conduct Authority (FCA) requires all brokers to be fully compliant with The Consumer Duty requirements for all open products by 31 July 2023.

At Bloomhills, we have always put our customers’ needs first to help support positive customer outcomes. The Consumer Duty requirements have provided an excellent opportunity to conduct a thorough and targeted review of how we are delivering to our customers and delivering good outcomes – to ensure we continue to deliver the most suitable products to our clients and great service, at all times.

We’ve been looking at:

  • Assessing the principal of fair value and ensuring good outcomes for our customers every time
  • Providing communications which are clear and easy to understand
  • How we support our customers, including those that are vulnerable
  • The governance of our products and services

We recognise the importance of assessing, testing and monitoring the outcomes of our customers.

Our review takes into account every aspect of the FCA’s new Consumer Duty regulations including our relationship with insurers and customers.

  • Products and services
  • Price and Value
  • Customer understanding
  • Customer support

The FCA’s new Consumer Duty requirements create a fairer, more transparent financial services industry. Consumers will be protected in a better way and they’ll be in a better position to make informed decision. It will create increased accountability, support consumer trust, provide better clarity and reduce the risk of harm.

If you’d like to talk to us about any part of what we are doing or if you need any support, please contact us 01256 463090.

Cyber Insurance

Posted on by Matt Bloomhill

WHAT IS CYBER INSURANCE?

Cyber insurance is cover designed to protect your business from threats in the digital world that we now live in. Data breaches or malicious cyber hacks on work computer systems are some of the issues companies now face when dealing with cyber breaches.

A business is responsible for its own cyber security, but in the event of a cyber-attack, having the right insurance will mean you aren’t alone. Cyber cover can provide crucial support to help maintain the continuity of your business.

WHO NEEDS CYBER INSURANCE?

If your business uses, sends or stores electronic data, you may benefit from cyber insurance. Cyber insurance can help with the cost of data recovery. All data, whether it belongs to the business or is sensitive customer information is vulnerable to cyber-attacks and data breaches.

Cyber insurance helps offer financial support if the worst happens.

WHAT ARE COMMON CYBERCRIMES?

Here are a few common cybercrimes to be aware of:

  1. HACKING– This is the partial or complete acquisition of a computer system or certain functions within it. Its main aim is to access important data.
  2. MALWARE – Malicious software can install itself in your systems via phishing scams and targeting software vulnerabilities. When it’s installed, the attacker can spy on online activities and steal private data.
  3. RANSOMEWARE – This is a form of malware that attacks your computer system and encrypts data. The attacker will then demand a ransom payment in exchange for the return of the data. It’s important to formulate a data recovery plan as a precaution and maintain at least one regular backup of your data.

WHAT DOES CYBER INSURANCE COVER?

In the event of a breach, illegal threat, cyber-attack or security failure, some insurance policies will cover the first-party and third-party financial and reputational costs if data or electronic systems have been lost, damaged, stolen or corrupted.
Some cyber insurance policies also offer support with income loss if your business needs to close temporarily because of a cyber-attack.
Cyber insurance can also cover crime costs, this cover goes beyond cybercrime. If your business faces fraud by an employee, cyber insurance may help to pick up related costs.