D: Law of agency

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CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C3: Legal concepts and considerations relevant) Flashcards on D: Law of agency, created by Mark Varela on 27/03/2014.
Mark Varela
Flashcards by Mark Varela, updated more than 1 year ago
Mark Varela
Created by Mark Varela over 10 years ago
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Question Answer
Contract - agent agrees to act on behalf of the principal IFA is agent of client & owes duty of care
IFA owes no duty to insurer but must comply with FCA rules Client is responsible for acts of the IFA
If material fact disclosed to IFA but IFA does not disclose to insurer - non-disclosure, contract void Insurance companies not responsible for acts of IFA
Employee/self-employed rep of insurer is agent of insurer Insurer is responsible for agent's acts and omissions
Agent does not pass on material fact disclosed by client - no non-disclosure, contract valid Agent owes d.o.c to insurer. Must comply with FCA rules. Insurer responsible for non-compliance
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