Insurance regulatory services

Our regulatory team is made up of specialists who have relevant experience from the insurance industry, the regulators and our consulting assignments. We recognise that regulatory expertise is built from working with the regulators and other clients in the industry, rather than simply reading the rules. It’s important to be aware of the guidance and wider expectations, as well as the practices of other firms in the market. We know and understand the regulatory landscape.

Current market challenges

The principles-based approach means that the regulators tend to focus on outcomes, rather than inputs such as documented policies and procedures. It’s not enough for firms to show they have put the right steps in place for compliance – they need to ‘self-regulate’ and measure their own performance against the regulators’ intentions. Doing so often requires the interpretation of high-level statements that are designed to be applicable across a wide range of circumstances.

It can also be challenging to keep on top of the vast amount of regulation, since there are still a lot of detailed rules, regulatory changes and developing expectations for the insurance sector. Regulatory intervention can have a huge reputational impact and, in the most extreme cases, your firm’s ability to operate.

We help firms navigate the requirements, allowing our clients to focus on meeting their business objectives and enhancing shareholder value whilst meeting their regulatory obligations.

How we can help

We provide tailored and comprehensive regulatory services to our clients. We understand that every business's regulatory needs are unique, so we deliver a bespoke and personal service. Our core aim is to provide efficient and effective solutions that are proportionate to your business.

Get in touch

Our regulatory services include

Applications and authorisation

Regulatory business plans
Compliance frameworks, including manuals, policies and procedures, and compliance plans

Ongoing compliance support

Outsourced, co-sourced, and secondment services
Compliance monitoring
Financial promotions
Breach and complaints management

Governance and oversight

Senior Managers & Certification Regime (SM&CR)
Governance and control frameworks
Internal reporting and management information

Advice and assurance

Regulatory change and implementation of new rules
Ad hoc or retained regulatory support
Regulatory due diligence

Training

Focused, bespoke regulatory training
Preparation for FCA and PRA visits or deep dives

Regulatory reporting*

Solvency II / UK
Retail Mediation Activities Return (RMAR)
Lloyd’s Corporate Member Management Accounts
Regulator communications, surveys and responses

*We provide specific and tailored support to run-off insurers and third country branches

Independent review

Compliance health checks, gap analysis and effectiveness
Risk mitigation programmes
Back-book or past business
Skilled Person Review support
Redress and remediation

Insurance

We are a leading provider of audit and business advisory services with over a hundred years of experience within the insurance market, both in the UK and internationally. We began as specialist bookkeepers to Lloyd’s insurance market and we have evolved to become an important and recognised audit and advisory firm in the insurance industry.

15 August 2024

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