Where the use of an Online Platform is anticipated the following must be provided to Very Senior Personnel (as applicable to your business) and agreed in writing, which is to be kept on file by the Compliance team:
- a full overview of the functionality of the Online Platform, to include the products being sold and the extent of any delegated authority;
- a clear breakdown of the parties involved with a summary of their roles and the tasks that each will perform;
- a formal written agreement between the parties involved (this may take the form of a formal agreement, TOBA, Slip, Third Party Commission agreement, etc.) to include how any commission/brokerage will be apportioned and to include the roles/tasks that each party will perform;
- clear claims handling parameters, to include a) who will be notified of any claim, b) who will monitor the claims, c) who will adjust the claims, d) who will collect and handle the claims payments/defence costs.
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