The Compliance team has the responsibility of reviewing all Agents / Producers of PSC to establish which Agents / Producers are, or are not, acceptable to PSC. The Compliance team maintains a list of approved Agents / Producers on Websure. PSC can only accept business from Agents / Producers shown on this list.
Even though it may be necessary to discuss with new Agents / Producers the possibility of PSC providing their services before such Agents / Producers are approved by the Compliance team it is essential that the Compliance team approves all new Agents / Producers before a firm quote or commitment of any kind is made. In order for the Compliance team to consider a new Agent / Producer they require the full legal name and any trading name plus full address and website details of the proposed new Agent / Producer.
A TOBA must be signed between PSC and the Agent / Producer although in respect of new Agents / Producers the Compliance team may allow, at their complete discretion, a few risks to be placed before requiring a TOBA to be signed.
Post your comment on this topic.