Proposed changes to Employers Liability insurance reporting rules
CP/17/39 will be of interest to firms required to produce employers’ liability register.
The Financial Conduct Authority (FCA) is consulting on a number of Handbook changes, including to the Employers Liability insurance reporting rules contained in Chapter 8 (CP/17/39). Comments on the Ch.8 changes are due by 01 February 2018.
Firms writing Employers Liability insurance must submit details to an Employers Liability register in accordance with ICOBS 8.4. The stated aim of this section of the Handbook is to enable employees to identify the relevant insurer who provided cover for any claims that they may have arising from their course of employment. It is particularly designed to help ex-employees whose employers no longer exist or cannot be located. Insurers are required to submit information using the form set out at ICOBS 8 Annex 1.
The CP/17/39 proposals include changes to the submission period and method by which firms submit Employers’ Liability Register compliance data to the FCA (ie director’s certificate and auditor report). A single submission period for all firms, between 01 August and 31 August, is proposed, rather than (as now) the FCA receiving submissions throughout the year. The FCA states that a single submission period “will ensure we have a complete dataset that provides a comprehensive view of compliance with our requirements”. The relevant FCA Handbook rules and guidance will be moved from ICOBS 8.4 to SUP 16.25, and the Handbook text will be updated to reflect the proposed changes and include guidance on completing the Employers’ Liability Register compliance return. As a result of these changes, firms will become subject to the late administration fee set out in SUP 16.3.14R if they fail to submit the return by the 31 August each year.
Feedback on the consultation is due by 01 February 2018.
