In this section we will give news of the latest developments from ICS.
ICS Compliance MOT
Insurance Compliance Services Ltd (ICS) has produced a different approach to testing and measuring regulation for general insurance intermediaries and progress towards achieving compliance.
The ICS Compliance MOT is for firms wishing to have an independent, expert view of the degree to which they are compliant and how their present compliance arrangements pass muster or could be improved.
Just as a car is subject to an annual roadworthiness check in the MOT so the ICS Compliance MOT will check a firm against 17 key areas and over 75 different issues.
Using the FSA’s own approach to risk, the system uses a Probability and Impact matrix to generate both a numerical and traffic light indicator of the areas that need attention, in priority order.
Charles Maddocks, Marketing Manager said: “We listened to the market and found what firms need is an independent, specialist review of their compliance arrangements. Many admit they are not experts in regulation and need to concentrate on developing their business at this time. Therefore the DIY approach to regulation does not suit them and they want a quick and simple snapshot of where they stand. The ICS Compliance MOT provides this.
One of ICS’s 14 experienced compliance consultants will visit the firm’s office and, in half a day, obtain the necessary evidence to produce the MOT report and a prioritised action plan of key areas to address."
The ICS Compliance MOT gives an overall view of the firm’s compliance situation to enable the firm to prioritise any remedial action or improvements required .