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A Guide to Terms Used by the FCA
At Insurance Compliance Services we know it can be a little confusing with the various terms that the FCA uses so we have put together this guide to help you cut through the jargon! If there are any terms you think are missing or you would like to see added to the list please get in touch and we will happily add these for you.
'AR'
Appointed Representative – the means by which an intermediary can undertake regulated activity without requiring full FCA authorisation.
If you're looking to become an appointed representative you can read more on our Appointed Representatives page.
'CASS'
FCA Client Assets Sourcebook (or Client Money Sourcebook) ie where all the client money rules are detailed.
'CMP'
Compliance Monitoring Plan – this fulfils the FCA requirement for firms to establish, maintain and carry out a plan of actions to check that they comply and continue to comply with its rules and guidance.
'Connect'
The FCA system used by intermediaries to inform the regulator of changes to the business or its personnel. It is also where firms apply for direct authorisation for the first time.
'Consumer Duty'
An FCA initiative with new, additional rules, to demonstrate firms are treating all customers fairly.
Find out more on our Consumer Duty page.
'Fair Value'
Value is the relationship between the amount paid by a customer for the product and the benefits they can reasonably expect to get from the product; and if it is ‘fair’ then the amount paid for the product is reasonable relative to the benefits of the product.
'GDPR'
The General Data Protection Regulation - applies to all firms and organisations that have control over personal data as well as those that process personal data on behalf of another organisation.
'ICOBS'
Insurance Conduct of Business Rules – the FCA sourcebook that details what information intermediaries should disclose to customers.
'POG'
Product Oversight & Governance relates to the systems and controls firms must have in place for the design, approval, marketing, and ongoing management of products throughout their lifecycle.
'Reg Data'
Reg Data is the FCA system used by intermediaries to submit data.
'RMAR'
Retail Mediation Activities Return is the form, hosted on Reg Data, that firms provide information required by the FCA so that it can oversee and supervise the firm’s financial resources, productivity and other areas of performance.
'Rep022'
Rep022 is the form completed by the senior manager with responsibility for POG to confirm the firm has not price discriminated against home and motor customers based on how long they have held their policy.
'FRN Number'
FRN number is the number allocated by the FCA to identify it on their records.
'PROD 4'
PROD 4 is the FCA sourcebook dedicated to rules and guidance in relation to the responsible management, oversight and monitoring of insurance products.
'FIN073'
FIN073 replaces the adhoc FCA financial resilience surveys and systemises this into a RegData return.
Insurance Compliance Services provides regulatory compliance services to the insurance industry including FCA Compliance Support and insurance compliance E-Learning services. As one of the leading providers of compliance support in the UK general insurance market, we have the scale and expertise to deliver flexible, high-quality services – from the basics of applying for authorisation and setting up processes and procedures, right through to more complex issues like auditing coverholders.
For more information about the ICS service, please call us on 01892 539600 or email enquiries to us at:
