FCA Application Consultants

Thinking of Becoming an FCA Authorised Broker?

At Insurance Compliance Services we’re seeing more and more people taking the initiative and setting up an insurance brokerage of their own. The appeal of working for yourself and building a successful business is obvious. Applying for FCA authorisation can seem daunting, but at ICS we’re your go to FCA application consultants and are here to make that process as seamless and painless as possible.

What you need to think about:

  • Can you demonstrate experience and knowledge within the insurance industry?
  • Do you have a proven sales track record and a book of business?
  • Can you evidence your competency?
  • Are you registered with Companies House?
  • Can you demonstrate management or senior level role experience?
  • Do you have a detailed business plan including cash projections?
  • Are you happy to provide six years’ regulatory references?
  • How will premiums be handled? You may wish to apply for permission to hold Client Money, however there are other options available, and we can help you decide which is best for you
  • Do you have compliance knowledge? We can help with that!

Using the ICS authorisation service for your FCA application means our FCA application consultants will 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.

If you’re thinking of applying for FCA authorisation and you would like information about how our FCA Application Consultants can help, please call us on 01892 539600 or email enquiries to us at: enquiries(at)insurancecompliance.co.uk

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Make an Enquiry

If you have any questions about FCA compliance, or would like to make an enquiry to arrange a chat with one of our FCA application consultants, please complete the form below.

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FCA Application Consultants

Helping You With Your FCA Application

We have three support options, priced on the level of support you’re looking for:
 

Full Support

  • ICS leads the application process and populates Connect based on consultancy discussions where applicable
  • Review of controller and individual application forms and feedback provided
  • Template frameworks provided for supporting information such as business plans, monitoring plans, and financial projections
  • Assistance with FCA questions following submission and review
     

Partnership

  • You lead completion of Connect, with tasks split between you and Insurance Compliance Services
  • Review of controller and individual application forms and feedback provided
  • Template frameworks provided for supporting information such as business plans, monitoring plans and financial projections
  • Assistance with one round of questions from the FCA following submission and review
     

Review and Feedback

  • Review and one round of written feedback in relation to application completed by firm
     

If you’re thinking of applying for FCA authorisation and you would like information about how ICS can help, please call us on 01892 539600 or email enquiries to us at: enquiries(at)insurancecompliance.co.uk

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Applying For FCA Authorisation

Using the Insurance Compliance Services authorisation service for your FCA application 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 FCA authorisation process.

Our getting authorised service includes:

  • Determining the different FCA forms that will be relevant to the firms application
  • Help completing application forms and producing supporting documentation eg Business Plan
  • Inputting information into FCA Connect system
  • Assistance with applying for Senior Manager status
  • Setting up relevant systems and procedures including compliance manuals
  • One to one advice from a dedicated FCA application consultant

Insurance Compliance Services has considerable experience of helping firms prepare and apply for authorisation. So, whether you are a new business start up, an Appointed Representative or an experienced broker striking out on your own for the first time, we think you’ll find the ICS authorisation service of real benefit.

As experienced FCA application consultants we know that brokers can feel overwhelmed by FCA terminology and the system they ask you to use to submit the application (Connect). So our aim is to make this is as easy as possible and take you through the set up process step by step. We’ll break down the issues into small manageable stages to make it as simple and speedy as possible, giving you more time to devote to the raft of other issues involved in setting up a new business. We will also do as much of the form filling and submission as we can; all our FCA Application Consultants are familiar with the FCA Connect system and can complete the forms online for you.

The ICS getting FCA authorised service also covers application for Senior Manager status and the setting up of all relevant processes and procedures including a compliance manual. If you require training for staff we can provide that too.

If you’re thinking of applying for FCA authorisation and you would like information about how ICS can help, please call us on 01892 539600 or email enquiries to us at: enquiries(at)insurancecompliance.co.uk

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Ongoing Support

Once you’re set up and trading, using our ongoing support services means that we can still be on hand to provide advice and assistance and you’ll be able to call on the services of your dedicated FCA application consultant to discuss any issues which arise.

If you’re thinking of applying for FCA authorisation and you would like information about how ICS can help, please call us and talk to one of our FCA application consultants on 01892 539600 or email enquiries to us at: enquiries(at)insurancecompliance.co.uk

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A Few Things to Remember

As well as applying for FCA authorisation, there are some important points to remember when setting up your brokerage that will take time to get in place, such as:

  • Insurer agencies – insurers will require at least eight weeks to process agency applications to be processed
  • Your policies and procedures will need to be in place – such as sales processes and financial crime
  • IT systems – are you going to use a software house such as Acturis, SSP, Applied or Open GI?
  • Client money – you must have the relevant trust account(s) in place if you intend to apply for permission to hold client money
  • Customer communications need to be ready – your client letters, terms of business, website etc. must all meet regulatory requirements.

How Can We Help?

We offer up to two initial consultations without charge, to determine the exact nature of your challenges/concerns. If you would like to try out some of our services before committing we can offer a demo of our Compliance Portal, samples of our Hot TopICS or attendance at one of our Webinars. Thereafter we will agree which of our services are most likely to help you most with your regulatory requirements, agree a package of support (or a one-off project) and submit a proposal for review. Before, or after, you decide to go ahead, we will introduce you to the Consultant(s) who will agree a diary of contact at times to suit you both.

Please call us on 01892 539600, email us at enquiries(at)insurancecompliance.co.uk, or send us a message using the form for more information or to make an enquiry about any of our compliance services.

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ICS have been a joy to work with and extremely proficient whilst helping with FCA authorisation and regulatory approval. Marie & David understood exactly what was required and allowed me to immerse myself in the process too throughout. I’ll be using them on an ongoing basis too, now that authorisation and regulatory approval has been received. Marie and David are knowledgeable, thorough and extremely good people too. Ed Colville XA Underwriting Solutions Ltd.
DR&P Group have been working with ICS for the last 3 years, supporting the group in several key areas of compliance. Whilst ICS primarily support us on our London Market business following our first Lloyd’s Broker acquisition, they have been able to provide support across a broad spectrum of compliance issues including audits, training and the management of Appointed Representatives.

We have been impressed with ICS ability to interpret regulatory change, their depth of knowledge and most importantly, the way that they complement and work in tandem with our own internal compliance department and our business leaders. Tom Storer DR&P Group
I wholeheartedly recommend the services that ICS provide. ICS, through Elly, has spent time to understand our business and provides guidance and support to negotiate the regulatory landscape. Elly is hugely knowledgeable, approachable, and responsive, and happy to answer questions.

ICS is pro-active in the regulatory space, providing numerous resources including highly relevant bulletins, seminars and webinars. Overall a pleasure to deal with. Specialist Insurance Broker South West England
The guidance received from ICS helped us navigate compliance issues with ease, ensuring that we met all regulatory standards efficiently. The practical solutions they provided have greatly improved our compliance processes and minimised our risk exposure.

We highly recommend ICS to any organisation seeking expert compliance advisory services. Their professionalism, expertise, and commitment to excellence are truly unmatched. Thank you for your support!” Specialist Intermediary South East England
In August 2023 we engaged ICS for compliance advisory services, and the experience has been outstanding. Their deep knowledge and understanding of regulatory requirements have been invaluable to our organisation.

From the very beginning, Elly at ICS demonstrated a thorough understanding of our industry’s unique challenges and tailored her approach to meet our specific needs. In addition, the whole ICS team has been proactive, detail-oriented, and always available to address any concerns or questions we had. Specialist Intermediary South East England
We highly value the regular updates which explain the actions we need to take. These help us anticipate and accommodate regulatory changes and maintain compliance. Insurance Business Owner
We particularly appreciate our dedicated compliance consultant’s visits. He is a key part of our team and helps us feel confident. Insurance Business Owner
We have faith that you will always deliver a high standard of service. Insurance Business Owner
You are always ready to help. Our dedicated consultant gives us tailored advice at our quarterly reviews and the telephone helpline is always available whenever we need a little extra support. Insurance Business Owner
Your 'full service' package gives us unrivalled peace of mind. From the comprehensive compliance manual to the Hot TopICS regulatory updates, you ensure that we are well-informed and able to implement the actions needed to maintain compliance. Insurance Business Owner
Thanks to their regular visits, our compliance consultant is now, in effect, part of our operational team. We are able to contact them at any time, not just when they visit regularly, and they understand not only the questions we ask but what is prompting us to ask them! Insurance Business Owner GSIS Ltd
We have never been more comfortable with our regulatory status / situation based on the support and guidance we receive from you guys. Jeff Rush Chief Executive, Rush Insurance Services Ltd
Earlier this week I was sent details of what would be required for a Network audit at the end of the month. The amount of documents, policies, procedures and registers required for this were terrifying and would previously have taken me 2 weeks of solid work to pull together, whilst still trying to run the business and look after clients. Because of the work Casey had already done for us though, in only 2 visits, literally everything needed was readily available, up to date and perfect. Can’t thank her enough and wouldn’t hesitate to recommend her to anyone else. Insurance Business Owner
ICS has been invaluable to us and we will continue to use them as our external compliance arm as they are a dedicated professional team with unparalleled expertise in the industry. Insurance Business Owner
Since working with ICS we have complete peace of mind regarding all of our compliance needs. We have worked with others in the past who have not understood our business or our needs. ICS’s service has been exceptional, not only with our regular day to day requirements, but also when we have called on them for support and advice for bespoke projects; indeed they attended an urgent meeting with a moment’s notice. Insurance Business Owner
We have used ICS for 10 years. We are extremely satisfied with the service they provide and with their specialist knowledge and advice on the rules and regulations. Nothing is too much trouble. Help from the friendly team with the RMAR/Gabriel is greatly appreciated. We would not hesitate to recommend them. Insurance Business Owner
We have built up a good relationship with our Consultant, who is key to the service ICS provides to us. We find the way he coaches us and understands our mentality helps with the compliance piece – and we are never lectured. Insurance Business Owner
We are very pleased to have been a business partner of ICS for 5 years. This relationship works very well giving us the right balance of internal control and external, up to date advice. The service provided by our relationship manager, Rob Cawthorne, has been professional and beneficial. Rob has also been our main contact for some time now providing stability and continuity. Insurance Business Owner
Really pleased to finally meet up today and get so much done. I feel a lot better knowing what is expected of me as a business owner. Much of the Product Governance and Pricing initiatives are core to my business anyway and I have no trouble with what is in store Insurance Business Owner
ICS worked with Specialist Risk Group on a major project from August 2021 to January 2022. As a company that prides itself on its specialist knowledge we were impressed by the way that ICS understood our business. They managed the entire project efficiently, keeping us updated at each stage of the process. Our dedicated consultant, Tony Darwall, was very experienced and built a good rapport with our staff. The deliverables from the project were of a high quality and we look forward to working with ICS again in the future. Clare Lebecq Group Chief Operating Officer, Specialist Risk Group