Insurance is a cornerstone of UK financial services. Encompassing underwriters, brokers and intermediaries. Insurance firms provide services to consumers and companies which enable them to go about their business, and daily lives.

The ubiquity of insurance services, and their importance, means the sector is rarely out of the regulatory spotlight. Both the PRA and FCA have consistently focussed on the sector.

We help insurance firms with a range of regulatory and compliance issues

But as well as addressing the task at hand, we help firms build more robust and resilient control frameworks, to reduce the risk of issues occurring in the future. We help firms take a holistic view of the interrelated elements of their business, and how they can work together to manage risk and regulation.

Our team of experienced consultants have in-depth practical knowledge of the industry and can support insurance firms 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 and regulatory remediation
  • Training and competence
  • Review/enhancement of operational risk management framework and financial crime prevention.