APSCo’s Post

Fidrec seeks feedback from public on changes to terms of reference. The roles of complaints handling and dispute resolution in financial industry are often understated and overlooked. Yet, these are firmly at core of regulations for a trusted financial markets and business hub. For a system to be trusted, it must not just do right. It must be able self-correct when things goes wrong. The average fellow needs to feel that this is not rich man's game and it is not the case that his rights are not upheld unless he pays more and more. FIDREC has been a key institution in the space and the feeling is that it can do more. The set of changes is the first tiny step forward. Will there be more? We'll see. https://lnkd.in/gvUCYEWG #financialservices #disputes

Regardless of the complexity of the transaction, Key Title is by your side, providing exceptional service and timely information. #keytitleinsurance #keytitlellc #keychoice #titleinsurance

CRE Operators and Lenders - Federal Court: Do not rely upon an ACORD 28 form for Commercial Property Insurance. Decision last week out of the US District Court for the Southern District of Texas follows existing line of case law …but takes it just a bit further. We already have a number of cases telling us that the typical “certificates” of insurance do NOT modify the underlying policy. Bottom-line: the carrier is not bound by the broker’s mistakes on the form. (The insurance industry has been trying to make that clear for years, as well.) This latest decision goes a bit further and finds that the ACORD 28 was not a “certificate of insurance” even if the broker intended it to be. The court took the pre-printed disclaimers seriously. Words matter. Accepting an ACORD as evidence of coverage is problematic. I’ve outlined some solutions on my website.

Ever wondered if your business needs a surety bond? A surety bond is a commitment by one party to take financial responsibility for the debt, default, or failure of another. This contractual agreement involves three parties: the principal (the party needing the bond), the oblige or owner (the party requiring the bond), and the surety or guarantor. Check out our latest blog “Navigating Surety Bonding Opportunities”! 🏗 Written by Alison Neumann, CISR Elite

Understanding an insurer’s underwriting philosophy can pay dividends for advisers applying for protection for their clients. Nicky Bray, chief underwriter, distils our underwriting philosophy into five key points.  #zurichinsurance #underwriting #expectations https://lnkd.in/esBX_c6e

Let’s Talk Credit Insurance! Put simply, Credit Insurance pays when your customers don’t. Serving as a financial safeguard, enabling construction businesses to operate with greater confidence and security. It also takes away the uncertainty of taking on much larger contracts which could put significant strain on your cashflow and have devastating consequences in the event of non-payment for your works. Credit Insurers constantly analyse and monitor businesses’ financial strength with an early warning system designed to tell you if the level of exposure is something your customer can pay for, or in the event that your clients are showing signs of financial instability. With serious intel you have the confidence to take bold decisions or to be more careful about payment terms and exposure where needed. In the first half of the year, Centricity have dealt with over £150K of Credit Insurance claims within the Construction Sector alone. Talk to our experienced team today to learn more info@centricitybrokers.com #creditinsurance #constructioncredit #businessprotection #financialstability #creditrisks

Quiz answer: which of the following agreements is unlikely to be legally binding? Many thanks to everyone who voted. Congratulations to the majority who got it right! ANSWER A letter of comfort   Unlike the other three, the letter of comfort creates a morally binding obligation but not a legally binding one. Its aim is to provide assurance that an obligation taken by the party in question will be met. For example, auditors may issue a letter of comfort to lenders as a solvency opinion. Or a parent company may issue a letter of comfort acknowledging their subsidiary’s obligations and willingness to meet those. These letters do not serve as guarantees.   A letter of guarantee is a legally binding agreement between a bank and its customer where the bank guarantees to pay the customer’s supplier even if the customer defaults.   A unilateral contract is legally binding, just like any other contract, even though acceptance can only be done by performance. For example, in an insurance contract, the insurer maintains the insurance plan for their client but only pays coverage if a specific event occurs.   A contract for service is usually a regular bilateral contract. For example, a contract between an organisation and a self-employed person for performing a particular kind of work. #accastudents #accalw #lwquizanswer

This week at FIDReC we did something that we haven't done before - we consulted the public on possible changes to how we do things. FIDReC was first established in 2005 and many things have changed since then, including: 📈Higher cost of living and income levels 💼More microbusinesses in Singapore's enterprise landscape 💲Shift in profile of claims being brought to FIDReC, with scam-related claims dominating in recent years The changes we are thinking of making are as follows: 1. Increasing the adjudication award limit to S$150,000 per claim from the current S$100,000 per claim. 2. Expanding "eligible complainants" to include small businesses with an annual turnover of not more than S$1 million. 3. Allowing the adjudicator’s Grounds of Decision to be circulated to the parties through a secured platform. 4. Fixing timelines for process completion. 5. Making the Mediator’s Indication process (a simplified neutral evaluation) available for all disputes. 6. Amendments to the list of "excepted complaints" to exclude disputes that have been handled at FIDReC previously and disputes related solely to investment performance. 7. Selected timelines to be stated in Business Days rather than Calendar Days. These are significant changes, and we hope to get a sense from you whether we are on the right track. Your views will be important to shape the future direction of FIDReC and enhance our dispute resolution process. Take part in the consultation here: https://lnkd.in/g5vekh3z #publicconsultation #adr #consumerfinance

In January 2020, the Financial Services Act (FinSA) introduced new dispositions regarding dispute resolution in the Swiss financial sector that aim to encourage mediation, protect client trust and alleviate judicial authorities. Considering the number of mediation bodies that appeared in the Swiss financial sector in 2020 and their cost effectiveness, FINSOM calls for reflection on a federal level in the interests of clients and professionals. For more information click here : https://lnkd.in/egTFTxac #ADR #Mediation #Investing #FinancialServices #FinSA #FDF #SwissParliament

Part 2 of Surety Bonds: Surety bonds play a crucial role in the world of finance, yet they often remain shrouded in mystery. Let’s demystify them together! 🌟 Capital: The bedrock of surety evaluation. When underwriters assess your bond application, they delve into your financial statements. Working capital, debt-to-equity ratio, and profitability—all scrutinized to gauge your financial health. Remember, strong capital speaks volumes. Capacity: Can you deliver? Underwriters want assurance that your company can execute the bonded project seamlessly. They peek beyond the numbers: resumes of key team members, ongoing projects, and a track record that sings competence. Show them your capacity to shine! 💪 Credit: It’s not just about FICO scores. Personal credit reports of owners and spouses, plus your company’s credit history, come under the microscope. How do you handle financial obligations? Your credit story matters—a testament to reliability. 📊 Character: The elusive yet pivotal “C.” Underwriters wish they had a crystal ball for this one. They value face-to-face meetings with clients. Your reputation, client references, and supplier relationships—they all whisper tales of integrity. Be the character they trust! 🤝 Remember, surety isn’t insurance—it’s a dance of trust. So, next time you encounter a surety bond, embrace the rhythm! 🎶 Feel free to share this post with your network!