If you want to know where your practices stand against regulatory standards and what needs to be done to bridge any gaps, or if you are buying or selling a brokerage, our healthcheck service can help you plan ahead.
ICS Compliance Audits and Healthchecks
Our general insurance compliance audit and healthcheck includes the following activities:
- ICS will review samples of your relevant documentation and then conduct a visit to your offices to carry out the following:
- Interview with Principals or key Directors
- Audit your customer interfaces:
- review of a sample of client and quotation files
- face to face
- telephone
- website
- Review Complaints Procedure and recent complaints
- Conduct analysis of the main activities against the relevant sections of the FSA Handbook
- Conduct gap analysis using current FSA rules as a guide to standards
- You will receive immediately a verbal report covering main areas of strength and weakness, with written confirmation of the key actions needed to address relevant non-compliant practices.
- For the audit ICS will, in addition, conduct file reviews and report on any improvements required.
In most cases, the cost of a Compliance Audit or Healthcheck will be refunded if a full Compliance Support Service contract is subsequently taken.
ICS Compliance MOT
The ICS Compliance MOT uses the latest technology and the FSA's own approach to compliance risk measurement to produce a traffic light report on your compliance with FSA regulations.
It involves only a half day in your offices and will give you a list of required actions, in priority order, to achieve compliance.
For more information and to book an Audit, MOT or healthcheck visit contact us on 01892 539600 or email enquiries@insurancecompliance.co.uk.