Insurance Compliance Services Ltd

ICS

Insurance Compliance Services Ltd

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, providing advice and guidance on their insurance mediation and consumer credit activities. Our clients also include Lloyd’s and London market brokers, MGAs, Lloyd’s underwriters, motor dealers and insurers

  • We have a wide range of services at affordable prices

  • We 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

Scale of EU insurance-related legislation revealed – October 2016
An analysis of how EU legislation impacts on the insurance and long term savings industry has been published by the Association of British Insurers. An in-depth ‘mapping exercise’ identifies around 80 pieces of EU legislation that have a particular impact on the sector, most of which are already enshrined in UK legislation This includes EU directives that are applied through UK Acts of Parliament and EU regulations that apply directly. It includes both legislation currently in force and that which is due to come into force in the next few years. The legislation ranges from key consumer protections like the European Health Insurance Card and Data Protection regulations, to EU wide prudential regulations like Solvency II. Of the 80 pieces of EU legislation identified, the analysis found that:

•           52 are transposed into UK Acts of Parliament

•           15 apply directly

•           12 are not in force yet (but are expected to be before 2019)

•           46 apply across both general insurance (GI) and long term savings (LTS), while 30 apply specifically to GI and 5 specifically to LTS

Total number of complaints continues to fall - October 2016
Financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to recent complaints data published by the FCA. The total number of complaints was 2.05 million. The top five most complained about firms between January and June 2016 (excluding consumer credit) were:

-           Barclays Bank Plc - 287,463 (an increase of 3% since the second half of 2015)

-           Lloyds Bank PLC - 213,163 (a decrease of 7% since the second half of 2015)

-           Bank of Scotland plc - 173,646 (a decrease of 5% since the second half of 2015)

-           HSBC Bank Plc - 124,891 (an increase of 3% since the second half of 2015)

-           National Westminster Bank Plc - 121,197 (a decrease of 10% since the second half of 2015)

The FCA publishes complaints data received from firms every six months, alongside aggregated figures covering the whole industry. The FCA requires firms which receive 500 or more complaints in a six-month period to publish the information on their websites. A downloadable table provides a link to each firm’s website, via this page:

Strengthening the Senior Managers Regime - September 2016
The FCA has marked six months since the implementation of the Senior Managers’ and Certification Regime (SM&CR) for banking firms by providing feedback on its implementation so far and proposing measures to further strengthen the regime. The SM&CR, which is designed to reinforce the importance of individual accountability and to replace the Approved Persons Regime, is to be extended to all regulated financial services firms (including insurance intermediaries) in 2018. The FCA is conducting a cost-benefit analysis, prior to consulting on the details of extending the new Regime.

Feedback Statement on Big Data - September 2016
The FCA’s feedback statement on “Big Data in Retail General Insurance” reports that Big Data is bringing a range of benefits to consumers, including reducing form-filling, streamlining sales and claims processes, and allowing firms to develop more personalised products to serve customers’ needs. In addition, telematics products can provide feedback to consumers to help them manage their risk, lowering insurance costs. However, increased use of Big Data creates cause for concern that some consumers may be worse off through increased risk segmentation. The FCA is to host a roundtable for stakeholders along with the Information Commissioner to look at what data protection risks arise and to better understand developments in the general insurance market.

Regulatory approach to cyber security in firms - September 2016
Cyber resilience is a matter of priority for the regulators, and a specialist team within the FCA is looking at the spectrum of operational resilience in the the broad population of regulated firms. The FCA will assess which firms pose the greatest risk to its objectives if their services were disrupted, either through lack of availability or integrity of data or processes - this does not necessarily depend on the size of a firm, even the smallest firm can hold large quantities of sensitive data – which if compromised could then have a ripple effect to other areas of the financial sector, and indeed businesses more broadly.

Ageing population: update from the FCA - September 2016
People aged 85 and over are said to represent the fastest growing segment of the UK population and the FCA wants to ensure that financial services genuinely meet the changing needs of older people, at every stage of later life. Prior to launching its Ageing Population Strategy in 2017, the FCA will continue to gather input from stakeholders through a combination of bilateral meetings, and roundtables on key issues. It will focus on making markets work better for older consumers through a combination of collaborative action, reviewing regulations and practices, and dedicated analysis.

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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 FCA 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)
Our business support services include:
  • 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