COMPLIANCE SERVICES
Our compliance activities cover the full spectrum of support for UK regulated insurance firms.
Overview of Compliance Services
We provide compliance support to FCA, PRA and Lloyd’s regulated insurance firms and those looking to enter the market, either as a UK-based entity or as an overseas firm seeking authorisation to carry on regulated activities in the UK. Our team is able to provide firms with advisory support, co-sourced or out-sourced resourcing support and training for your own employees, from junior to board-level.
Our Compliance Services can be provided as required, or as part of a fixed cost retainer solution covering compliance and/or risk services.
What We Do
Our compliance activities span the full range of issues faced by UK regulated insurance firms, and their international subsidiaries, parent firms and associates from the maintenance of frameworks (including policies and compliance risk registers) through annual planning and day to day advice or support. The issues are constantly changing and we advise and support firms on all of the major areas including:
- The development of the new Consumer Duty and the application of this to regulated firms
- Product Governance rules including the ongoing interpretation of those against specific issues and scenarios such as ‘Fair Value’, building and implementing POG frameworks
- The oversight and control of Appointed Representatives, including the new rules being implemented
- Applications for Authorisation, Variation of Permission, Change in Control
- Preparation for interviews/meetings with the regulators
- S.166 and Lloyd’s Reviews and remediation
- Reviews, audits and health checks on all aspects of a Compliance function including resourcing, frameworks and all other activities
- Development/review and build of compliance frameworks and operating models
- M & A Due Diligence on Risk and Compliance and management of functional mergers
- Advice on all aspects including annual planning activity, compliance monitoring, compliance reporting, regulatory perimeter guidance, horizon scanning, international licensing, complaints management, financial promotions, ICOBS, GDPR and data protection/privacy. delegated authorities and Appointed Representatives, financial crime frameworks and controls, Insurance Distribution Directive including IPIDs, whistleblowing frameworks
- Compliance training to business, compliance functions and Directors and NEDs
- Senior Managers & Certification Regime (SM&CR) advice, training, documentation drafting & applications
- Review Policy and Procedures, to ensure they remain complaint with UK regulatory requirements
- Recovery and resolution planning
- Operational Resilience
- Co-sourced and outsourced arrangements
Key Contacts:
If you would like to know more about the way we could help your firm, please speak with one of our Compliance specialists.
Claire King
Risk & Compliance Director
Latest Compliance Case Studies
Latest Compliance Articles
The FCA Growth Objective – A New Approach To Ensure Regulators And Regulations Support Growth
The FCA has now responded to the 24th December letter from the government asking for its proposals to help unlock growth and investment. In its response last week, the FCA has set out proposals across a number of broad areas. Kenneth Underhill looks at the proposals.
Operational Incidents, Outsourcing and Third Party Reporting: The Next Phase In Regulatory Oversight And Control Of Operational Resilience In Financial Services Firms
The Prudential Regulation Authority (PRA) has published a new Consultation Paper, CP17/24 – Operational Resilience: Operational Incident and Outsourcing and Third-Party Reporting. Benoit Steulet looks at the proposed requirements.
2025 Insurance Supervision Priorities – Balancing Prudence and Growth
In a letter dated 9th January 2025, the PRA has set out its insurance supervision priorities for 2025. We take a look at what this means for insurance firms.
