D: Law of agency | Flashcards

Flashcards by Mark Varela, created more than 1 year ago

CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C3: Legal concepts and considerations relevant) Flashcards on D: Law of agency, created by Mark Varela on 27/03/2014.

	Created by Mark Varela about 10 years ago

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Contract - agent agrees to act on behalf of the principal

IFA owes no duty to insurer
but must comply with FCA rules

If material fact disclosed to IFA but IFA does not disclose to insurer - non-disclosure, contract void

Employee/self-employed rep of insurer is agent of insurer

Agent does not pass on material fact disclosed by client - no non-disclosure, contract valid