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: http://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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
More on Technology
Industry told not to worry about AI job losses
A panel on artificial intelligence held at the British Insurance Broker’s Association conference in Manchester assured the audience that they won’t be “replaced by robots”.
Electric opportunities for total loss claims
Collaborative partnerships between insurers and replacement vehicle suppliers can help smooth the transition to zero emissions, as James Roberts, head of insurance sales for Europcar explains.
Q&A: Daniel Grimwood-Bird, McKenzie Intelligence Services
Daniel Grimwood-Bird, head of sales and marketing at McKenzie Intelligence Services, shares how the provider of geospatial data and analytics plans to insurance industry plans to make it big in the UK and US.
What it takes to be a Power List player in 2024
Insurance Post’s Power List reveals today’s leading lights in the industry, the demise of big name digital disruptors plus who has shaken up the market in the last 12 months.
Nigel Walsh, Google Cloud
The number of deals insurers have been making with Google Cloud to finally deliver that seamless, personalised insurance experience that customers used to shopping via Amazon and streaming films via Netflix is ramping up.
Insurance influencer argues AI scares the ‘antiquated’ industry
The insurance industry is terrified of AI, which could delay its adoption in the insurance industry, according to Instagram insurance influencer TheHardMarket.
Insurtechs outpacing large insurers in using cloud cyber risk data
Big insurers in the cyber insurance space need to emulate insurtechs in adopting technology that can integrate cybersecurity-enhancing data from cloud providers, according to Monica Shokrai, Google Cloud’s head of business risk and insurance.
Q&A: Matt Hicks, Recorder
Matt Hicks, chief commercial officer and co-founder of Recorder, a new London-based insurtech from the creators of Codat, explains how he has built a platform and artificial intelligence co-pilot for brokers.
Most read
- Movers and shakers who made Insurance Post’s Power List 2024 revealed
- Insurance’s wealthiest figures revealed
- Winslow continues Direct Line management overhaul