The Tentacle

The Think Pieces

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Why do you need to do CPD hours?

Introduced early in 2018, the relatively new directive means you, plus any other advisors you may employ, must complete a minimum of 15 hours learning time if you don’t have any Insurance qualifications.

If you do, it’s a minimum of 35, with at least 21 of those being structured.

Regulations aren’t stagnant, they are always evolving and changing, something you really need to keep up with. What’s more, new products continue to come into the market and learning about them is crucial. For instance, Cyber cover is a hot topic and has been for a while now.

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Breakin’ Up is Hard to Do

Originally published in Insurance Age 8/11/18

The immortal words of Neil Sedaka have, perhaps, never achieved the same level of fiscal poignancy as now they do, thanks to Brexit. A messy divorce might be similar I suppose.

So, what can we glean from this? That the lessons of a broken marriage on subsequent relationships should recommend the romantic equivalent of a Trade Deal, rather than returning anon to the path of an ever-closer union.

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Cyber Attacks & Ransomware

Earlier this year TEn was the subject of a Cyber Attack of broadly the same sort as that which seriously affected thousands of organisations across the globe on the 12th May. Although the hackers found a ‘chink in our armour’ – which ideally should not have been there – we were fortunate to have further levels of distribution and redundancy behind our front-line defences.

In our case, the Ransomware encrypted the Word, Excel and PowerPoint files on our servers, but could not reach our emails on Office 365, nor our Strata nor our Acturis records. Consequently, we did not stop working other than for a quick re-boot of various machines at lunchtime and our IT team simply restored our non-critical server data back to the previous evening.

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The lesser evil... increase IPT!

The FSCS, the consumer’s compensation scheme, was hijacked on the eve of the Tory conference last year as a means of brushing under the carpet £14bn worth of Bradford & Bingley’s questionable assets and turning them into a debt owed to the government at some future date. Since then, we have seen Icelandic meltdowns and goodness knows what else; much of which has been covered by the political fig leaf of the compensation scheme. 

Contary to popular misconception, the FSCS is not some big ‘fund’ in the sky that springs into action when problems occur; it is a borrowing limit of just over £4bn per year that subsequently can be recovered from the Financial Services industry. Over the last few years the FSCS has paid claims across all sectors of between £80m and £120m annually. Now it faces a £14bn government recovery claim and more besides.

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