SSP sends compliance message to brokers via the FCA
In midst of the recent outrage, SSP has sent a message to its brokers via the Financial Conduct Authority to demand total compliance.
The message sent from the FCA reminded SSP brokers of their duty to complete client money calculations on time.
The statement said that the SSP is working closely with the Motor Insurers' Bureau and the FCA to keep them up-to-date with their service outage with the aim of mitigating the impact of the outage.
"The FCA is aware of a systems outage at Software Solutions Partners that may affect your ability to ensure ongoing CASS compliance," the statement reads.
"Firms are reminded of their duty to complete a client money calculation at least within 25 days of the previous calculation pursuant to CASS 5.5.63R, and of the need to segregate client money pursuant to the provisions in CASS 5.5 generally."
The statement follows criticism from James Woollam, managing director of Hayes Parsons, who lambasted SSP for its lack of communication to its brokers and called the service outage a ‘disaster'.
The power outage in SSP's Solihull Data Centre happened on the 26 August and the provider has admited to a possible loss of a week's worth of data.
Brokers are continuing to deal with problems with the SSP Pure Systems.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Technology
Lack of tech standards stifles premium finance competition
A “lack of standards” in technology has prevented the UK premium finance market from developing as quickly as others across the world, according to Steve Wallis, European representative for Red Planet Software.
Big Interview: Mark Allan, Ki
Mark Allan, CEO of Ki, tells Insurance Post how the firm has maintained its innovation culture as it scaled from a side of desk project to a standalone business writing over $1bn of premium, and reveals its opportunities to accelerate that growth in the future.
Beazley’s share price surges following Zurich bids
Following Zurich’s improved proposal to acquire Beazley for 1280p per share, the cyber insurer’s share price has jumped up by around 44%.
Ki offers tech stack to brokers
Ki is open to making its technology stack available to brokers developing their digital capabilities.
Diary of an Insurer: ManyPets’ Pierre du Toit
From pre-dawn toddler wake-up calls to board prep, model diagnostics and late-night electric-cello sessions, Pierre du Toit, chief data officer at ManyPets, offers an honest, energetic snapshot of balancing data leadership with real life.
Q&A: Will Ross, Federato
Will Ross, CEO and co-founder of Federato, gives Insurance Post a peek behind the curtain of its $100m (£74.3m) fundraise and reveals what makes its artificial intelligence platform stand out for insurance.
Agentic AI vision fails to match reality for two-thirds of insurance firms
Two-thirds (65%) of insurance companies admit there is a gap between their agentic artificial intelligence vision and the current reality, according to research by automation platform Camunda.
Q&A: Richard King, Ticker
Richard King, founder and CEO of Ticker, discusses the journey from being a telematics “market maker” when it first launched to building a sustainable telematics MGA in the current landscape.