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

Call for urgent progress on free trade agreement - March 2017
Following Theresa May’s announcement invoking Article 50, BIBA has warned that having no clear agreement in place for the right to carry out cross border trade with the EU as is currently possible, creates huge uncertainty for the UK market and the 2,758 insurance brokers that possess passports to trade in the EU. UK brokers trade £7.8Bn in European revenues meaning the UK holds the number one position in the European insurance market. BIBA’s Chief Executive, Steve White, called on the Prime Minister to deliver what she stated in her Lancaster House speech – the greatest possible access to the EU through a bold free trade agreement.

New rules for renewals come into force - March 2017
New rules on insurance renewals introduced by the FCA come into force from 1 April 2017. The rules apply when a renewal offer is made to a consumer. Insurers and insurance intermediaries are required to:
• Disclose last year’s premium, so that consumers can easily compare it to the new premium they are offered.
• Encourage consumers to check their cover and shop around for the best deal at each renewal.
• Identify consumers who have renewed four or more times and give them an additional prescribed message encouraging them to shop around.

Treasury and FCA consult on implementing the Insurance Distribution Directive - March 2017
The Insurance Distribution Directive (IDD) must be transposed into national law by 23 February 2018. The IDD replaces the Insurance Mediation Directive (IMD) and extends to cover the direct sale of insurance products by insurers, as well as seeking to improve consumer protection. As the IDD is a minimum harmonising directive the government has the option of introducing additional provisions or bringing additional activities into the scope of regulation as appropriate for the UK market. The Treasury consultation document sets out the government’s intended approach to transposing IDD into UK law and centres around two main issues:
- Which insurance contracts will be in scope of regulation?
- Which activities will be regulated?
Following on from the Treasury’s consultation, the FCA has set out its own proposals for relevant changes to its rules and guidance. These include significant amendments to the Insurance Conduct of Business Sourcebook (ICOBS).

New EU regulations to replace the Data Protection Act - March 2017
The General Data Protection Regulation (GDPR), introduced via an EU Directive, will apply in the UK from 25 May 2018, the government having confirmed that this will not be affected by the UK’s decision to leave the EU. According to the Information Commissioner’s Office, it is essential for data controllers and processors to start planning for the new law, which replaces the Data Protection Act. Many of the GDPR’s concepts and principles mirror those in the DPA, so existing compliant procedures can be built upon. However, new procedures are likely to be required to deal with the GDPR’s transparency and individuals’ rights provisions.

Lloyd’s announces Brexit move- March 2017
Lloyd’s has announced it will be setting up a new European insurance operation to be located in Brussels. A spokesperson said this is to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU. The intention is for the company to be ready to write business for the January 1 2019 renewal season, subject to regulatory approval. According to Lloyd’s it will be able to write risks from all 27 European Union and three European Economic Area states after the United Kingdom has left the EU and provide customers and partners continued access to the Lloyd’s market.

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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