Quality Assurance Checklist: Information for Advisers
27 Apr 2022
The CBUAE (formerly called the Insurance Authority) requires all product providers and product distributors to complete and submit a Quality Assurance Checklist (QAC) by 30 April 2022.
You may require some information from us to complete your return and we have detailed some relevant information below.
Communication and training
Before the introduction of BOD49 in October 2020, we sent to all impacted adviser companies a range of emails explaining the new requirements and the changes we had made to our Products to ensure they complied with the new rules. These emails were as follows and you can click on the links to view these emails:
| Date | From | Content |
|---|---|---|
| 24/09/20 | Marketing | Meet our BOD49 Compliant Products. View it here |
| 11/10/20 | Account Manager | A pre-launch email notification sent sharing PDF core literature on IPME+ and Reserve+ also covering changes in Illustration system and relevant updates in our website. View it here |
| 15/10/20 | Marketing | An email notification “Our new BOD 49 compliant products are here” was shared with all partners in UAE. View it here |
| 19/10/20 | Account Manager | Business acceptance checklist covering key operational requirements for BOD49 compliant products was shared (meant for onward sharing with sales support and back office admin teams). View it here |
In addition to these communications, you may also have received additional information and/or Zoom based training sessions on the illustration system and new business requirements from your FPI Sales Manager. You may also have received refresher training sessions from us since October 2020.
Full product information and literature PDFs are available on our dedicated UAE websites. We have 2 websites – a public site at https://www.fpinternational.ae/ aimed at policyholders, and a dedicated adviser only website at https://advisers.fpinternational.ae/.
Terms of Business
In 2020 we reviewed our Terms of Business agreement with all adviser firms to ensure that all the requirements of BOD49 were covered. We are comfortable that this is still the case.
When an adviser signs our Terms of Business Agreement (TOBA) they are confirming that they meet all relevant regulatory obligations. We undertake an annual review process for all advisers holding a TOBA to ensure we are confident they remain appropriate to sell our products. Following the guidance provided in Circular 190/2022 we have enhanced this process to include an attestation for distributors to specifically confirm that they are complying with all of the illustration, disclosure and policyholder on-boarding requirements in BOD49 in order to ensure that the products are suitable for policyholders. You will see this new wording when you receive your next review letter to sign.
Products
We have 2 x compliant products available in the UAE – Reserve+ and IPME+. We have checked and have received evidence that all of the products that we distribute have been approved by the CBUAE and continue to meet regulatory requirements. You can view the Product Approval Certificates for Reserve+ here and for IPME+ here.
We have updated all of our product illustrations to ensure that policyholders understand the products and that they are appropriate for policyholder needs and in line with BOD49 requirements.
We have updated our processes to ensure that the Policyholder Declaration is in line with Article 11 of BOD49, so that policyholder signatures are supported by the necessary illustrations and understanding and that the signatures will only follow after a suitability assessment and acceptance by the policyholder.
We can confirm that all our current products contain the “free look period” feature, with the minimum of at least 30 calendar days free-look period as required by BOD49.
Apart from the fees and commissions disclosed to the customer we confirm that no additional fees or commissions are paid or received. We also do not allow commission paying funds for our BOD49 complaint product in the UAE, but for added governance all dealing instructions received are reviewed by our Investment department for compliance.
Governance
We have in place a Broker Monitoring Committee that sits on a monthly basis that is comprised of our Sales Director, Customer Services Director, Head of Technical Services and other senior managers, who review and monitor the business practices, business quality and performance of advisers. They also ensure advisers have the appropriate license to distribute our products.
Staff training
We have updated our training for our staff, to ensure that all of the relevant BOD49 requirements are fully understood. Training is carried out at least once every year to ensure that staff remain up to date with market developments and with changes in products and target market requirements.
We hope this provides what you require, but please contact your FPI Sales Manager if you need any further information.