Compliance

It is not enough simply to demonstrate that your organisation is compliant with FCA rules and its regulatory requirements. You also need to ensure you and your suppliers have robust procedures in place to protect your customers and your business.

With the recent regulatory changes, fraudulent claims on the increase, and new opportunities and challenges created by use of web and Cloud-based working, an effective compliance and audit review strategy has never been more critical.

With the creation of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), insurers, brokers, secondary intermediaries and suppliers need to get to grips with a new regulatory regime fast.

As an insurer, you have to demonstrate that all fee arrangements are transparent and reasonable, that there are no conflicts of interest in your use of suppliers and ensure that suppliers deploy only staff certified as competent to advise your customers. These are just some of the rigorous new statutory obligations.

Among other obligations, intermediaries must deal with the FCA business risk assessment initiative, prove effective financial oversight of their business and its service providers and ensure the sale of add-on services cannot be interpreted as ‘bundling’.

Use our handy checklist to help assess whether you need to review your FCA compliance.

CWMC is a member of the Association of Professional Compliance Consultants, the only nationwide association of compliance consultancy firms in the UK.

Contact CWMC for expert help in addressing the impact of these changes on your organisation.