How comfortable are you with regulation?

It is now over 2 years since General Insurance regulation and there have already been several significant updates to the FSA regulations including Training & Competence, ICOBS, COBS, MIFID, DISP and principles-based regulation.

In addition the FSA has been undertaking major initiatives including Treating Customers Fairly (TCF) and a range of thematic work including PPI and a strategy for small firms designed to ensure TCF embeds in this sector. It is important that you know where you stand against the regulations you are being measured against.

Why?

• To ensure you are compliant
  • If you are found wanting the FSA are increasing likely to take enforcement action which at the very least will affect your firm's reputation.
• To ensure you are not over-compliant
  • It is important to comply with regulations but clearly not good to utilise complex solutions that produce the same result as a simple arrangement would achieve
  • It is important to continually review needs against outcomes and that all regulatory solutions are cost effective.
• To determine the extent you have embedded regulatory needs into business as usual activities
  • The separation of regulatory and business activity can often mean that regulatory needs are overlooked due to everyday business pressures
  • This is particularly important as the FSA drives forward its principles-based regulation agenda that demands active participation of all Approved Persons and business functions.

Your Next Steps

• Winchester White are offering a health check service that will:
  • Highlight compliant and non-compliant areas
  • Provide advice on rectification steps for non-compliant areas
  • Establish how fit you are to face an ARROW visit or deal with a thematic enquiry.

Please contact Diane Williams on 01256 363000 or dwilliams@@winchesterwhite.co.uk for a discussion on how we might meet your particular needs.