Practical and affordable general insurance compliance support
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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
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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
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We have a wide range of services at affordable prices
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We are Members of the Association of Professional Compliance Consultants (APCC)
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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
No changes following review of the client money rules - August 2016
After 3 years of uncertainty the FCA has announced that the existing client money rules in CASS 5 will remain in place, saying; “it would not be proportionate to proceed with the proposed rule changes at this time”. General insurance intermediaries holding client money or operating under risk transfer agreement must continue to comply with the existing rules. Since the consultation on client money handling (CP 12/20) was published, the FCA has been working very closely with the industry. The FCA believes GI intermediaries have increased their focus on protecting client money. The FCA says it will continue to work with general insurance intermediaries to mitigate risks such as conditional risk transfer and incorrect client money calculations and reconciliations.
Increasing transparency and engagement at renewal in general insurance markets - August 2016
At the end of last year, the FCA proposed new rules and guidance for general insurance renewals which addressed concerns about levels of consumer engagement and the treatment of consumers by firms at renewal. New rules have now been confirmed which apply across all personal lines general insurance markets requiring firms, with effect from 1 April 2017 to:
- disclose last year’s premium at each renewal (where a consumer’s circumstances have changed during the course of holding their policy, firms must give an annualised premium reflecting any mid-term adjustments, instead of last year’s premium)
- include text to encourage consumers to check their cover and shop around for the best deal at each renewal
- identify consumers who have renewed with them four consecutive times, and give these consumers an additional prescribed message encouraging them to check their cover and shop around
Alongside this, the FCA has introduced guidance on how firms should maintain records to demonstrate compliance, including keeping a record of premiums. The FCA has also confirmed non-Handbook guidance to help firms meet their obligations towards consumers at renewal.
FCA finds failings in the oversight of appointed representatives - July 2016
The FCA has uncovered significant shortcomings in the control and oversight of appointed representatives by GI principal firms. According to the thematic review TR16/6, some firms did not appear to have understood the full extent of their obligations for ensuring their appointed representatives complied with regulatory requirements. As a result of the findings the FCA has taken early intervention action in relation to some of the principal firms involved in the study. The FCA has also written to Chief Executive Officers of firms with ARs to remind them of its expectations and setting out what action should be taken to address the issues raised in the report. The letter contains a clear warning that "the principal will also be responsible from a regulatory perspective for resolving any issues identified and ensuring that any customers who have suffered detriment receive appropriate redress.”
FCA Annual Report 2015/16 and Competition Report 2013-16 – July 2016
The FCA’s Annual Report explains how its work over the last year has met objectives and delivered against the key priorities set out in the Business Plan. It also shows how resources have been targeted to deliver the best results for consumers, firms and markets against a challenging external environment.For the first time the FCA has published a separate Competition Report. This summarises the activities undertaken to promote competition in the first three years of the FCA, and provides further insight into competition in selected markets. The regulator has also produced separate reports on Diversity, Anti-money and Enforcement.
FSCS Annual Report 2015-16 - July 2016
The Financial Services Compensation Scheme (FSCS) paid out £271m in compensation to consumers in 2015/16 and received more than 46,000 new claims. It dealt with 153,982 telephone enquiries - an increase of 56 per cent on 2014/15 . The amount paid in the insurance mediation class (including PPI) for the y/e 31 March 2016 was £8,991,000 compared to £21,126,000 in the previous year.
Finalised Guidance for firms outsourcing to the ‘cloud’ and other third party IT services – July 2016
New guidance from the FCA is intended to help firms to oversee all aspects of the life cycle of their IT outsourcing arrangements: from making the decision to outsource, selecting an outsource provider, and monitoring outsourced activities on an ongoing basis, through to exit. While the FCA accepts that using the cloud can provide more flexibility to the service that firms receive, enabling innovation and bringing benefits to firms, their consumers, and the wider market, it can also introduce risks that need to be identified, monitored and mitigated.
Complaints rules to match The Insurance Act 2015 - July 2016
Amendments to the complaints handling rules - which mainly affect insurers - have beenoutlined in the FCA’s quarterly Consultation Paper. The FCA has put forward consequential amendments to ICOBS to align the claims handling rules with the Insurance Act 2015 (the Act) which comes into force on 12 August 2016.
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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)
- 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