At ICS we believe our job is to give clients the compliance support which best meets their business needs – whether its regular, ongoing assistance or simply some one-off help and advice.
As one of the leading providers of compliance support in the UK general insurance market, we have the scale and expertise necessary to deliver flexible, high-quality services – from the basics of applying for authorisation and setting up processes and procedures right through to the more complex issues of auditing coverholders.
For more information about the ICS service please call us on 01892 539600 or email enquiries to us at: firstname.lastname@example.org
- Full Service
- Ad Hoc Consultancy
- Web & Helpline Service
- Audits & Healthchecks
- Coverholder Audits
- Coverholder Support
- TPA Audits
- FCA Skilled Persons Report (section 166)
- Expert Witness Services
- Getting FCA Authorised
Most of our clients choose the ongoing support provided by our full service. Our full service gives you unlimited access to a locally-based, dedicated compliance consultant, regular compliance support visits to suit your business needs, access to our online compliance manual with full supporting documentation, plus regular compliance updates with relevant action points and industry bulletins to keep you up to speed.
Ad Hoc Consultancy
ICS also provides compliance support on a day or project basis. Ad hoc consultancy can cover literally any aspect of your firm’s compliance whether it’s training your staff about the FCA’s treating customers fairly requirements or providing an independent audit of your firm’s in-house compliance department – whatever your business needs.
Web & Helpline Service
For those firms which are confident about implementing compliance requirements themselves, ICS provides a lower-cost support option. Based around our high quality, comprehensive website and backed by a one to one helpline this service offers advice, information and templates for firms to tailor and implement.
Audits and Healthchecks
Audits and healthchecks offer an independent review of your firm’s compliance health. Healthchecks provide an overview of a firm’s compliance and can be very useful in flagging areas of possible concern while audits provide a more in-depth review and include an action plan to address any issues identified. For larger firms, in particular, an annual audit is considered good practice and something which the FCA might expect to see as part of a firm’s compliance arrangements.
ICS is highly experienced in auditing coverholders and prospective coverholders to help ensure that firms have the capability, skills, systems and controls to underwrite risks compliantly. If you delegate authority without undertaking appropriate oversight you may be putting your own business at regulatory risk.
Our experience of auditing delegated authority binders means we have an excellent understanding of the systems and controls which coverholders need to have in place. We have also seen, first hand, how devastating it can be for a business to lose a binding authority. If your firm holds a delegated authority we can give you an independent assessment of your arrangements and provide support to help ensure you meet the necessary standards.
When outsourcing claims handling, it is essential to know that your Third Party Administrator (TPA) is handling claims compliantly, competently and within the parameters set. The ICS TPA audit service for Lloyd’s managing agents and underwriters is intended to complement a firm’s own audit processes and to offer a robust external source of assurance.
FCA Skilled Persons Report (Section 166)
ICS is a very cost-effective and experienced provider of skilled persons (Section 166) reports. If your firm has been required by the FCA to commission a skilled persons report it is essential you appoint a firm with the appropriate knowledge and independence. Not only can you rely on ICS meeting FCA skilled persons requirements but you can take comfort from the knowledge that once the report is completed, we will work closely with you to help resolve any issues identified.
Expert Witness Services
Because of our depth of experience and breadth of knowledge ICS is retained to provide expert witness services on a wide variety of classes of insurance. It is a reflection of the quality of our team and the reputation of ICS in the general insurance compliance market that we are able to provide this service.
Getting FCA Authorised
Making errors in your application process could delay your receiving authorisation by as much as six months – such a delay can have very serious consequences for a new business. Using the ICS authorisation service means we’ll take you through the process of authorisation from completion of forms and supporting documentation to setting up required systems and controls; we’ll not only help to ensure that everything is completed as quickly as possible but we’ll make sure you avoid any errors which might delay the authorisation process.