Our services for insurance firms
FCA licence authorisation
Our experienced team assists insurers and insurance brokers in preparing and submitting comprehensive authorisation applications, ensuring compliance with regulatory requirements and optimising the chances of successful authorisation.
Regulatory Guidance and Training
Our experts provide ongoing regulatory guidance and training to insurance firms, helping them stay updated with the latest FCA rules and regulations, and ensuring adherence to compliance obligations.
Compliance Framework Development
We work closely with clients to develop robust compliance frameworks tailored to their insurance activities, including policies, procedures, and risk management frameworks that align with FCA regulations.
Consumer Duty
We help insurers and insurance brokers implement consumer duty measures, such as transparency in product offerings, fair treatment of customers, and ensuring suitability of insurance products.
Ongoing Regulatory Support
Our team provides ongoing support to insurers and insurance brokers, keeping them informed about regulatory changes, conducting periodic compliance reviews, and assisting with any regulatory queries or concerns.
Product Oversight
We offer expert product oversight support to ensure FCA compliance and alignment with customers' needs for insurers and insurance brokers. Our service can help firms meet FCA standards and requirements, across ICOBs, IDD, and the Consumer Duty.
Why leading firms choose us as their partner.
"We would like to express our appreciation for the invaluable support provided by Buckingham Capital Consulting in our insurance brokerage operations. Their extensive expertise and guidance have played a crucial role in helping us navigate the complex landscape of insurance regulations and enhance our compliance framework.
Buckingham Capital Consulting's deep understanding of insurance regulations, including the Insurance Distribution Directive (IDD), Consumer Duty, and Conduct of Business Sourcebook (COBS), has been instrumental in ensuring that we meet regulatory requirements and deliver the highest level of service to our clients.
Their team has worked closely with us to develop tailored compliance policies and procedures, conduct thorough risk assessments, and implement robust governance frameworks. Their commitment to staying up-to-date with regulatory changes has provided us with peace of mind, knowing that we are well-prepared to adapt to evolving industry standards.
We highly recommend Buckingham Capital Consulting for expert guidance and support in navigating regulatory complexities. Their professionalism, attention to detail, and commitment to delivering practical solutions have made them an invaluable partner in our journey."
Licence Authorisation Guide
At Buckingham Capital Consulting, we help insurance firms in obtaining FCA licence authorisation and ensuring compliance with regulatory requirements.
Understanding the Regulatory Landscape
The key provisions to consider when preparing for the licence authorisation process in the insurance sector include the Financial Services and Markets Act 2000 (FSMA), which serves as the foundation for regulatory requirements. Additionally, important sources of guidance specific to insurance brokers and lenders include the Perimeter Guidance Manual (PERG), Threshold Conditions (COND), and the Insurance Conduct of Business Sourcebook (ICOBS). These regulatory frameworks provide essential guidelines to ensure compliance during the licence application process.
Perimeter Guidance Manual (PERG)
The PERG provides guidance on the scope of regulated activities, helping insurance brokers and lenders understand the permissions required for their specific business models. It outlines the regulated activities that fall within the FCA's purview, ensuring that you have a clear understanding of the permissions aligned with your insurance activities.
Threshold Conditions (COND)
The Threshold Conditions are fundamental requirements that firms must meet to obtain and maintain FCA authorisation. We will guide you through each Threshold Condition, ensuring that you can demonstrate your ongoing compliance with these conditions throughout your insurance brokering or lending operations.
Insurance Conduct of Business Sourcebook (ICOBS):
ICOBS sets out the rules and requirements for insurance brokers and lenders regarding their conduct of business. It covers areas such as client communication, disclosure of information, handling of claims, and product governance. We will help you understand the specific obligations within ICOBS and develop policies and procedures that align with these requirements.
Prudential sourcebook for Insurers (INSPRU)
INSPRU focuses on prudential requirements for insurance firms, including capital adequacy, solvency, and risk management. We will work with you to ensure that your licence application reflects compliance with the prudential requirements outlined in INSPRU, providing guidance on capital reserves, risk controls, and effective risk management frameworks.
Consumer Duty Requirements
The FCA's Consumer Duty aims to ensure fair treatment of consumers. It requires insurance brokers and lenders to act in the best interests of customers, provide suitable insurance products, and be transparent in their dealings. We will help you understand and implement the necessary measures to meet the Consumer Duty requirements, ensuring that your customers are at the forefront of your business practices.
Application Process, Fees, and Waiting Times
During the licence authorisation process, you will be required to submit a comprehensive application pack that includes various documents to demonstrate your regulatory compliance and suitability for FCA authorisation.
Below are some key documents that you will need to include in your application:
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Business Plan: Provide a detailed business plan outlining your objectives, target market, products or services offered, marketing strategies, and financial projections. This plan should align with the regulatory requirements and demonstrate your ability to operate within the regulatory framework.
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Compliance Policies and Procedures: Develop robust compliance policies and procedures that address the specific requirements outlined in the regulatory sourcebooks. This includes policies related to client communication, disclosure, complaint handling, data protection, and anti-money laundering.
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Governance Arrangements: Establish effective governance arrangements that ensure proper oversight, accountability, and risk management within your organisation. This includes defining the roles and responsibilities of key individuals, establishing compliance monitoring processes, and implementing internal controls.
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Financial Statements and Forecasts: Provide audited financial statements for the past three years, including balance sheets, income statements, and cash flow statements. Additionally, include financial forecasts that project your financial performance for the next three to five years.
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Evidence of Regulatory Compliance: Submit evidence of your compliance with regulatory requirements, such as completed questionnaires, risk assessments, training records, and any other relevant documentation that demonstrates your adherence to regulatory obligations.
Application fees for insurance brokers and lenders can vary based on the scale and complexity of your operations. Waiting times for licence authorisation can also vary, and it is essential to stay in close communication with the FCA during the process.
Obtaining FCA licence authorisation for insurance brokers and lenders is a significant achievement that requires careful planning and a thorough understanding of regulatory requirements. Buckingham Capital Consulting can help you navigate the licence authorisation process confidently.