Life insurance intermediary DeadHappy, which has issued an apology following its controversial Harold Shipman advert, will have to conduct a review of its systems and controls when it comes to financial promotions, as part of the restriction imposed on the company by the Financial Conduct Authority (FCA).
Effective January 27, DeadHappy must also stop communicating any further financial promotions that have not received the necessary approval as indicated by the FCA in its restriction. Among other things, the intermediary should ensure that all its financial promotions comply with the watchdog’s rules and regulations.
DeadHappy’s report to the FCA needs to include the number of financial promotions that are withdrawn or amended as a result of the required review. Additionally, anyone from DeadHappy – including contractors and shareholders – who either drafts or signs off on financial promotions has to complete a certified training course within two months.
The FCA said the course is aimed at making sure that the regulatory requirements are understood by the people responsible for DeadHappy’s financial promotions.
Andy Knott, on the same day the FCA requirements were published, issued an apology acknowledging his firm’s gaffe.
Prior to DeadHappy’s “we are sorry” tweet, the intermediary’s underwriting partner Shepherds Friendly told Insurance Business that the “distasteful” ad featuring the image of a serial killer did not align with the mutual’s values. According to the insurer, it asked for the immediate removal of the social media ad.
Meanwhile Insurance Business understands that the Advertising Standards Authority is set to release its decision on the advert sometime this week.