Practical and affordable general insurance compliance support
-
ICS is one of the largest providers of general insurance compliance support in the UK but we still believe in offering a one-to-one, personal service to our clients
-
We support general insurance brokers of all shapes and sizes, from one man bands to large commercial brokerages, our clients also include Lloyd’s and London market brokers, Lloyd’s underwriters, motor dealers and insurers
-
We are accepted by the FSA as providers of Section 166 Reports (Skilled Persons Reports) and are Members of the Association of Professional Compliance Consultants (APCC)
-
Our staff are highly experienced, combining technical expertise with a practical understanding of how business operates on a day to day basis
For more information on how ICS can help your business call us on 01892 539600 or email enquiries@insurancecompliance.co.uk
For compliance support services for IFAs, friendly societies, stockbrokers and investment managers please click on IFA/Investment compliance support from the drop down menu underneath Business support services on the left hand navigation.
Latest news:
For more on these stories please click on the links below or go to our Latest news page
22/12/11
Financial Crime – Part 3 – Financial Sanctions and Asset Freezes
This is the third in ICS’s series of updates on the subject of financial crime. In this edition we focus on the UK’s sanctions regime which freezes the UK assets of individuals and businesses (known as ‘targets’) which are subject to financial sanctions. HM Treasury maintains a full list of such targets (the HMT list) which firms can find via this link: http://www.hm-treasury.gov.uk/fin_sanctions_index.htm
While the FSA is not explicitly responsible for a firm’s compliance with financial sanctions restrictions, the requirement for a firm to organise and control its affairs responsibly and effectively would implicitly include the need to have appropriate processes in place to take into account the financial sanctions regime. The lack of adequate systems and controls alone ... Read more>
20/12/11
Gender Directive
One of the fundamental tenets of the Treaty on European Union (“the Treaty”), enshrined in Article 6 of the Treaty, was the right of equal treatment between men and women. This Article recognised and brought into legal effect the Charter of Fundamental Rights of the European Union.
As such, discrimination by gender was prohibited and the Charter’s assertion that “equality between women and men must be ensured in all areas” was proclaimed. More specifically, the Gender Directive of 2004 outlawed discrimination...Read more>
29/11/11
Financial Crime – Part 2 – Systems and Controls
This is the second in our series of updates on the subject of financial crime, prompted by the thematic work carried out by the FSA in the area of financial crime during which the regulator identified poor levels of compliance. In this Hot TopICS we concentrate on the systems and controls which firms should have in place to mitigate the risk of financial crime occurring. The areas covered are:
- Governance
- Structure
- Risk assessment
- Policies and procedures
- Staff Recruitment, vetting, training and awareness
- Oversight and monitoring
11/11/11
New rules on selling Payment Protection Insurance (PPI) and Income Protection (IP)
The Competition Commission’s ‘Payment Protection Insurance Market Investigation Order 2011’ introduced a whole raft of measures which affects all forms of PPI including short term IP (but excluding retail PPI). While the Order took effect from 6 April 2011, the main obligations are being introduced in two phases to coincide with the annual government common commencement dates (April 6 and October 1) for new legislation and regulations and to allow sufficient implementation time for providers.
2/11/11
Treating customers fairly (TCF): A new beginning?
It could be argued that once TCF is fully embedded within a business it need no longer be considered as a separate issue because it becomes the natural way of doing business; recent activity by the FSA may suggest that it is moving towards this view. Evidence for this change in emphasis lies in the new small firms’ regional assessment programme which has just been announced... Read more>
7/10/11
Financial Crime: A Guide for Firms - Part 1
The FSA has undertaken much thematic work on financial crime and has noted deficiencies in the level of compliance. As a result it is intending to publish a comprehensive guide covering financial crime issues. The FSA is at pains to state that FSA guidance is non-binding and that there is no requirement for firms to... Read more>
9/9/11
Advertising and Financial Promotions – an up-to-date perspective
The standard of financial promotions is a priority element of the FSA's retail market strategy and its work in this area is part of the overarching treating customers fairly initiative. The numbers of financial services companies forced to amend or withdraw advertising material following FSA intervention has increased this year. In the first quarter of 2011 ... Read more>
23/8/2011
Employers' Liability Tracing Office
FSA rules now require organisations owning Employers’ Liability (EL) liabilities for UK employers (including active and run-off EL insurers) to publish information about EL policies; this also impacts on brokers because they will need to record and supply relevant data. The aim is to help ...Read more >
18/7/11
Introducers
The knotty issue of introducers has been brought into sharp focus as a result of the FSA’s work on price comparison websites... Read more>
13/7/2011
Price comparison sites and permissions
The FSA has published proposed guidance which could require aggregators and companies which white-label price comparison tools on their own sites to introduce stronger systems and controls. It also sheds new light on ...Read more>
Summary of services
Insurance Compliance Services provides compliance consultancy services to general insurance brokers throughout the UK. We offer full service, ad hoc and web/telephone-based support including assistance with:
- Treating customers fairly
- Conflicts of interest
- Training and competence
- Client money processes and procedures
- Completion of RMAR and other regulatory reporting
- Acting as principal for ARs and introducer ARs (including networks)
- Applying for FSA authorisation
We also offer audits and external reviews including:
- Compliance audits
- File reviews
- Claims audits
- Compliance healthchecks
Our specialist services include:
- Audits of coverholders/binders for the Lloyd’s and London markets
- Support services for coverholders
- TPA audits
- Skilled persons reports (Section 166 Reports)
- E-learning
- HR services
We also offer support services for the investment market through our recommended partners Haven Risk Management who offer services for IFAs, friendly societies, stockbrokers and investment managers.
Geographic coverage
Wherever your business is based the chances are that there is an ICS consultant not too far way; our consultants cover the majority of the UK, including:
- Scotland
- North West
- North East
- Midlands
- South West
- East Anglia
- London
- South East