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compliance

We offer a complete compliance service to both Insurers and Brokers. We are justifiably proud to have worked with both AXA and Aviva on Broker Compliance Health Checks in addition to ad hoc work on Risk Transfer. It is quite breathtaking to see how a small minority of brokers simply ignore an Insurers TOBA and in many cases we have found major breaches which invalidate the status of designated trust accounts! Who checks the work of your compliance officer? We have experienced many nightmares where a compliance officer has left a brokerage only to find many areas have been non compliant from 14th January 2005.

We have also worked directly and effectively for many brokers of all sizes and a leading network on every aspect of compliance. We undertake our compliance work on both an holistic basis and/or the resolution of a specific area within the Authorised and Regulated entity.

Have you adapted to the FCA regime?

The movement of regulation from the FSA to the FCA took place on 1 April 2013. We are here to help you meet the FCA rules and requirements and elements of the new regime that will impact your firm including the FCA:

  • having new powers (ban products, tougher penalties, personal accountability for senior managers)
  • having greater use of thematic reviews
  • being more flexible and having more resources to tackle developing issues
  • obtaining more detailed and meaningful information
  • apportioning firms to new supervision categories

Firms will have to ensure they meet these changes (and more) and we can help you.

Ask Yourself:

  1. Would your firm's current systems automatically alert you if you were to become non-compliant in any of the key areas of FCA compliance?
  2. Are you able to see at a glance the monthly trends within your firm for each area of FCA compliance?
  3. Are you able to produce a comprehensive compliance report at any moment in time?
  4. Do you receive accurate, consistent and regular compliance support on a cost effective basis?
  5. Does your FCA compliance match "best practice" within the broking community?

iBMACS can meet these needs and those identified in the Insurance Age July 2012 article.

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