Services

Some brokers do not need a full time compliance officer. Therefore we will develop a compliance plan with the firm and then provide a resource on a regular basis to undertake specific tasks within the plan. These could include file reviewing, contract certainty checking, internal procedures review (for example client acceptance procedures), dissemination of information from the FSA and any other ad-hoc compliance tasks that arise.

This can range from assistance with FSA authorisation, changes in control, approved persons applications and all processes that may involve pre FSA approval and/or notification. In view of our background and knowledge of the FSA Handbook and regime we believe we are in a good position to provide advice on rules. We will also act as a second check for those who require a degree of comfort to their own internal decision making.

We can act as an outsourced internal audit function for those firms that feel that is not cost effective to employ a full-time internal auditor. We will work closely with the head of Internal Audit to develop and implement an internal audit plan.

This can be carried out as frequently as a client requests to provide a level of comfort on exposure to errors and omissions.

We will conduct on-site reviews of firm compliance against FSA rules or provide high level or specific focus reviews. This can take the form of an interview based approach or a more extensive risk assessment type review.

We can provide tailored sessions or one-to-one training on all aspects of the FSA’s regulatory regime for insurance intermediaries. We will also act as ‘interpreter’ of FSA terms since we have found in a number of cases that the language that the FSA uses is not necessarily recognised by insurance professionals.

We are only too aware that information provided by the FSA does not help firms, and particularly London market firms with what is expected in relation to TCF. We will use our ‘inside’ knowledge to assist firms in their approach to meeting TCF. We do not try and fit the FSA guidance to the firm but use our regulatory knowledge of the principles to develop a firm’s approach. This is an ongoing issue and firms need to ensure that TCF work does not stop once the FSA deadline passes.