WHAT DO BROKERS GAIN? BCP Asset Management Identified the Film & Television Sector As an Area for Structural Growth Over a Decade Ago
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THE FINANCIAL EXPERTS 2021 SETTING THE ROADMAP Financial Brokers are experts on financial planning matters and work on your behalf giving you a choice of products and providers from across the market. Brokers Ireland mission is to promote, support and protect Insurance FINANCIAL and Financial Brokers so that our members are best positioned to ADVICE FROM offer expert and professional advice and services to their clients. THE EXPERTS Creating your success through Financial Planning 2021 Strategic Brokers Ireland will continuously identify core objectives throughout 2021 which embody the real challenges facing Irish Brokers to ensure that members Priorities at a Glance interests are consistently represented. EVOLVING www.financialbroker.ie THE BRAND FINANCIAL SERVICES GENERAL INSURANCE COMPLIANCE PRIORITIES PRIORITIES PRIORITIES Financial Brokers Insurance Brokers • Challenging over-regulation NEW • CP116 issues/CPC review • Pensions – simplification proposals, • Agency Agreements • CBI expectations - assessing WEBSITE auto-enrolment & IORP II • Differential Pricing financial soundness of insurers WORK IN • Financial Broker –promoting Brokers • Development of Insurance • Brexit Implications • Market Evolution for Financial Brokers Broker brand • Developing members LAUNCHED • Broker technology & software compliance services PROGRESS Financialbroker.ie 2020 Highlights ‘A Year Like No Other’ Implementation New Affinity of the Consumer Launch of new Insurance Financial E-Guide WHAT DOES €25 PER Broker website for members MONTH GET YOU? Contracts Act Over Getting Brokers All of this and more for €25 per month Interactions with Implementation Members CBOI on the of CP 116 CPD authorisation process requirements 50 Brexit hours Ready 120 National radio Year round digital and Measurable Broker Radio branding- • FRESH, MODERN SITE DESIGN published Lobbying media articles advertising on RTE PPC campaign website leads through consumer shows & & news stories campaign activities event sponsorship • EXISTING SITE FUNCTIONALITY • EASY TO USE BROKER DASHBOARD & RESOURCE CENTRE Covid-19 Members Support New members • Essential services status gained for Brokers compliance • SIMPLE, INTUITIVE NAVIGATION • Guidance Support: returning to offices; restrictions; remote working chat support Consumer materials Videos – customised Guides for Attendance at facility -brochures; posters; with Broker logo/ Financial Brokers annual Financial • MOBILE & DEVICE RESPONSIVE • Webinars – HR; soft skills training articles; blogs branding Broker Conference How We Support Brokers THE FINANCIAL EXPERT PENSIONS | LIFE | INCOME PROTECTION | MORTGAGES | INVESTMENTS Business Support Compliance Representation PR & Lobbying Promoting & Guidance & Regulation Professional Standards INFLUENCING CHANGE FOSTERING PROFESSIONALISM www.financialbroker.ie Contact: [email protected] www.brokersireland.ie DELIVERING VALUE TO BROKERS C20.7847 Financial Broker Evolving the brand advert_v3.indd 1 24/09/2020 12:14 PROTECTION | PENSIONS | INVESTMENTS BROKER MAGAZINE Managing your IRISH contents The Official Journal of the Irish Brokers Association Editorial Column.................................................................. 2 Create your client’s perfect multi-asset mix .................... 32 by John Deehan Cover Story .......................................................................... 4 compliance. The outbreak of Covid-19 highlights the compelling Tech Bites ............................................................................. 6 by James Skehan argument for having your income protected ................. 34 by Maebh Monahan Inside Track .......................................................................... 8 Take our online Self-Assessment. with Diarmuid Kelly Multi-Claim Protection Cover from Royal London ......... 37 by Barry McCutcheon A huge amount has changed in our world over recent times The Allianz Risk Barometer’s top five risks in 2021 ......... 10 and the need for Financial Brokers and Advisors to stay on by Robert McEvoy New Ireland’s Sentinel Fund Range ................................ 38 Andy Ivory Corr talks to Kerrianne Waldron top of their compliance responsibilities is as important as AIG CargoGuard - Coverage That Makes a ever. At New Ireland we make it easier. Our online Compliance Difference Anywhere ......................................................... 12 What will be different after Covid for your Financial Self-Assessment takes less than 30 minutes to complete and by Niamh Hume Broker business? ................................................................ 40 provides you with peace of mind that you are managing your Corporate bond market trends - The investment by Eamonn Twomey compliance requirements. case for Corporate Credit ................................................. 15 Clients renovating their home? by Jacqueline Hogan From connecting with your clients to managing compliance Don’t let them make this common mistake ................... 42 and more, we’re determined to make everything easier for Will ‘normal’ return in 2021? ............................................. 16 by Kate O’Connor brokers. Because when we make it easier, you do too. by Kevin Quinn Growth versus Value Investing - Visit newireland.ie/ComplianceHealthCheck The Consumer Insurance Contracts Act - Insights and Observations ................................................ 44 How Applied is ensuring compliance for Brokers ......... 18 by Graham O’Neill by Stephen Murphy We’ve come a long way since Glenroe! .......................... 47 David Lane talks to Irish Broker ........................................ 20 by Simon Hoffman Post Authorisation changes ............................................ 22 How do we know we can trust you? ................................. 48 by Elizabeth Smith Wright by Dermot McConkey MiFID Update ................................................................... 24 State Street Global Advisors pushes for decisive by Rachel McGovern action as ESG set to dominate ......................................... 50 Liberty Insurance tackles ‘Ghost Broking’ to protect by Paul Dunne customers and brokers ..................................................... 28 by María Eugenia Mugueza Just Eat gift cards, Netflix and Headspace subscriptions the new remote work perks! .................... 51 Specified Illness Cover and supporting our clients in unprecedented times ........................................................ 30 Oireachtas Digest .............................................................. 52 by Kate Connor by Frank Lahiffe in this issue 6 10 15 16 Allianz Risk Barometer’s Will ’normal’ return in top five risks in 2021 2021? Master Trusts….the future Corporate Bond Market pension model? Trends New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. 1200609 - Compliance Advert Irish Broker May 2020.indd 1 27/04/2020 15:23 column BROKER MAGAZINE IRISH Give your clients editorialThe Official Journal of the Irish Brokers Association Irish Broker is the monthly journal of Brokers Ireland. The magazine is circulated free of charge, Is an end to overregulation among all Brokers Ireland members, Insurance a Companies, The Financial Regulator, The Central different way Bank, various Government Departments and a of SMEs in sight? select list of persons involved directly or indirectly with the Irish Insurance Industry. Other companies ome months ago, this editorial column expressed our pleasure and relief that or personnel who wish to receive the magazine government had finally taken cognisance of an indisputable fact: that SMEs, may do so on an annual subscription basis of to save €100. Cheques should be made payable to: “Irish so crucial to the Irish economy and to economic recovery post-pandemic, Broker” and addressed to: 136 Baldoyle Industrial Sare overregulated. The impact of regulation is disproportionally felt (or rather, Estate, Dublin 13. endured!) by SMEs, in terms of direct and indirect financial cost and administrative burden. Fast forward to January 2021 and the first report of the SME Task Force has Irish Broker reserves the right exclusively to edit been published, intended to show the way forward and produce a long-term vision With money on deposit all copy. Views expressed by contributors or correspondents are not necessarily those of for the SME sector. Our copy would have been well-thumbed, were we not working earning little or no interest, Brokers Ireland, the Editors, the Board Members from home and minus a printer. and people saving more now of Brokers Ireland or Irish Broker Magazine Limited Several of the Report’s recommendations have the potential positively and and neither Brokers Ireland, the Editors, the significantly to impact the intermediary sector in the area of regulation. We believe than ever, being able to offer Board Members of Brokers Ireland or Irish Broker Magazine Limited accepts any responsibility to be crucial the “think small first principle”, which requires SMEs’ interests to a viable alternative will be for them. Deadlines: The magazine is published be taken account of at a very early stage of policy making, to avoid placing a welcomed by your clients. during the second week of every month. All items disproportionate burden on small businesses. We would like this nettle to be grasped of an editorial nature must be to hand at least 15 immediately by all those charged with policymaking. It is an organisational priority