Working in Partnership
ICS work with a wide variety of insurance intermediaries, MGAs etc, but often it is the one-man band operating from home that struggles to deal with regulation the most. We have recently been working with one particular client who prides himself on offering a very personal service and goes to great lengths to ensure that his customers are satisfied with the product/service that they receive.
The firm’s premium finance provider undertake client reviews every 4/5 years, so this time it was the turn of our client to be selected to ensure that his business systems and procedures meet their requirements when offering instalment finance to his customers. He asked if his ICS consultant would be willing to act on his behalf in being interviewed by PCL in his capacity as his ‘compliance officer’.
Ahead of the Zoom meeting PCL requested information and then at the meeting raised questions about each of the following:
– Call Scripts for finance sales
– Vulnerable Customers
– Treating Customers Fairly
– Business Continuity arrangements
– Conflicts of Interest / Inducements
– Financial Crime (Anti-Money Laundering Policy / Bribery and Corruption)
The questions were mainly around the firm’s policies and procedures which the ICS consultant had helped to create, and the interview lasted some 45/50 minutes. Our client was delighted to have this burden removed, and because of the close relationship we have with our retainer clients we were very happy to support him in a very practical way.