D: Law of agency

Beschreibung

CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C3: Legal concepts and considerations relevant) Karteikarten am D: Law of agency, erstellt von Mark Varela am 27/03/2014.
Mark Varela
Karteikarten von Mark Varela, aktualisiert more than 1 year ago
Mark Varela
Erstellt von Mark Varela vor mehr als 10 Jahre
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Zusammenfassung der Ressource

Frage Antworten
Contract - agent agrees to act on behalf of the principal IFA is agent of client & owes duty of care
IFA owes no duty to insurer but must comply with FCA rules Client is responsible for acts of the IFA
If material fact disclosed to IFA but IFA does not disclose to insurer - non-disclosure, contract void Insurance companies not responsible for acts of IFA
Employee/self-employed rep of insurer is agent of insurer Insurer is responsible for agent's acts and omissions
Agent does not pass on material fact disclosed by client - no non-disclosure, contract valid Agent owes d.o.c to insurer. Must comply with FCA rules. Insurer responsible for non-compliance
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