Implementing regulatory change in insurance: is a more strategic and integrated approach achievable?4 July 2017Our next briefing will look at the challenges and potential benefits of taking a more strategic and integrated approach to responding to regulatory change. We also review the recent Solvency II implementation experience to see if there are any lessons firms can take forward to apply to implementing new regulations on the horizon such as the IDD, GDPR, and PRIIPs.Read more »
We help all types of insurance intermediaries to manage their compliance and regulatory risks, from ongoing day-to-day support to expert advice on complex regulatory issues.
We tailor our service to the specific needs of each client. This may involve new market entrants requiring support and advice to achieve a successful FCA authorisation, or established insurance intermediaries needing support to address ongoing compliance issues and regulatory change projects. We also support intermediaries with the implementation of the EU Insurance Distribution Directive (IDD) – the new version of the current Insurance Mediation Directive – that the UK needs to comply with by February 2018. The IDD covers not only the initial authorisation, passporting arrangements and ongoing regulatory requirements for insurance intermediaries, but also product oversight and governance as well as strengthened conduct rules.
Our team of experienced regulatory consultants have in-depth practical knowledge of the industry and can support insurance intermediaries with all aspects of their business including:
- FCA authorisations
- Governance structure and risk management arrangements
- Establishing and embedding relevant policies and internal procedures
- Monitoring ongoing compliance with the relevant regulatory requirements including SYSC, ICOBs, CASS 5 and MIPRU
- Preparation for regulatory interactions (e.g. FCA Approved Persons) and regulatory remediation
- Fit and Proper, Training and Competence
- Review/enhancement of operational risk management framework and financial crime prevention.
Download Bovill consultancy services for insurance intermediaries and brokers to find out more on how our expert team can help.