Legal and Regulatory Information

Newpoint Brokers Legal and Regulatory Obligations:

  1. General Duty:
    • Act in the Best Interest of Clients: Newpoint Brokers has a general duty to act in the best interest of their clients. This means putting the client’s needs ahead of their own and providing suitable advice and recommendations.
  2. Disclosure and Transparency:
    • Disclosure of Remuneration: Newpoint Brokers must disclose any fees that it receives from insurers or other parties related to the insurance transaction. Commercial customers can require a breakdown of insurance premiums to reveal commission payments.
    • Material Information: Newpoint Brokers must provide clients with all material information related to the insurance policy, including coverage details, exclusions, and limitations.
    • Conflict of Interest: Newpoint Brokers should disclose any potential conflicts of interest that may affect their ability to provide unbiased advice.
  3. FCA authorisation and Qualifications:
    • FCA authorisation: Newpoint Brokers are authorised by Financial conduct authority with FRN 309576.
    • Continuing Education: Newpoint Brokers should stay informed about industry developments.
  4. Duty of Care:
    • Reasonable Skill and Care: Newpoint Brokers must exercise reasonable skill and care and assessing the client’s needs, researching suitable policies, and explaining coverage options.
  5. Anti-Money Laundering (AML) Compliance:
    • Know Your Customer (KYC): Newpoint Brokers must verify the identity of their clients and source of funds and report any suspicious transactions that may be related to money laundering or terrorist financing.
  6. Data Privacy and Security:
    • Protect Client Information: Newpoint Brokers must safeguard client data and comply with privacy laws. This includes handling personal information securely and obtaining consent for data processing.
  7. Compliance with Laws and Regulations:
    • State Laws and FCA Regulations: Newpoint Brokers must comply with all relevant state laws and FCA regulations, governing insurance transactions.
    • Market Conduct Standards: Newpoint Brokers should adhere to market conduct standards set by regulatory authorities.