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A client approached ICS as due to the increasing regulatory burden created by new and upcoming rules, they wanted to make sure that they were not falling behind on their compliance; ultimately they were not sure that they were meeting all the requirements.
Following a conversation, we implemented monthly meetings to ensure that the firm were able to speak to a consultant, ask questions and obtain updates that were relevant to their business on a regular basis. Furthermore, we implemented a full compliance monitoring plan which provided a schedule of all the regulatory requirements and when they would be due. This plan was reviewed in the meetings to ensure that the firm remained on track and nothing was missed.
Specifically, the firm were concerned about the implementation of the Consumer Duty as this was a significant piece of work. We were able to provide them with template documents to help minimise the time spent on this, as well as assisting with the gap analysis and providing advice on the actions that needed to be taken to resolve the gaps identified. We continue to work with the firm on this project to ensure that the Consumer Duty Board Report is finalised to the highest standard.
12 months later the firm has a more robust compliance process and are confident that they are meeting the FCA's expectations.
"We have greatly valued and enjoyed working with ICS over the last twelve months. With their advice and guidance, we now have in place an improved compliance process that enables us to monitor and take actions, that ensures we operate to the standards expected of our Board and the FCA."
For more information take a look at our ICS Brochure or get in touch with a member of our insurance compliance team. For more information about the ICS service, please call us on 01892 539600 or email enquiries to us at:
