Other Specialist Compliance Consultancy Services
In addition to our core compliance consultancy services that many of our clients benefit from, we also offer a wider, more specialist range of consultancy to meet the needs of virtually every type of business operating in the general insurance, claims management and consumer credit sectors.
Compliance services tailored around your business
You have the freedom to create a package of compliance services that is completely tailored around your business needs. If you’re looking for something bespoke, then we’ll start with a blank canvas, understand your current business needs and put together a completely tailored package of services to suit the circumstances of your business at any given time.
- Document Checking & Financial Promotion Review Serviced
Access to the technical helpline and onsite visits can provide you with advice and guidance on how to interpret and implement Financial Conduct Authority regulation in practical ways which are relevant to your specific circumstances. This includes access to our technical experts specialist knowledge, and the breadth of advice covers every day queries, through to assistance with Financial Conduct Authority applications and regulatory returns. The team also provide a document checking service and can review your stationery, insurance product information documents, terms of business or other key customer documents etc. You can send documentation into our Culcheth office or you can email them to our dedicated mailbox. The checking and review service assists in reducing the risk of non-compliant material being published because of compliance errors. The review will include specific recommendations where action is required to make any items compliant.
- Web Site Checking Service
Websites, especially those that are transactional, tend to attract the interest of the Regulator and are easily scrutinised. Our review of a website helps to identify any potential compliance risks for your business and avoid errors which could lead to investigation, regulatory action or the need to compensate customers. We identify any potential problem areas and provide feedback with practical solutions This also provides a useful audit trail should you come under regulatory scrutiny. If you are conducting business online we can also provide independent reviews of transactional websites to ensure compliance with the Insurance Conduct of Business Sourcebook and other relevant regulations.
- Senior Management Governance and Controls Support
We can provide advice to senior managers and Boards about top-down governance, controls and conduct risk issues. This includes risk identification and mitigation programmes. We also provide programmes of regular or annual refresher training which can support the business undertaking their ongoing competence and fit and proper checks on Approved Persons.
- Training Programmes for Staff and Appointed Representatives
We can provide training via breakfast meetings, workshops and on-site courses so you can choose the approach which best suits your business. We can cater for small groups and mass training programmes for businesses launching products and services into the regulated market. Our training can cover a wide range of topics and we can also work closely with our sister company, Searchlight Insurance Training, to deliver a broad programme of treating in line with our clients’ needs.
- Best Practice and Benchmarking
For businesses or groups with multiple sites, this service encourages the sharing of best practice and allows individual businesses or branches to measure their performance against others, driving standards up across the company. This service can also be useful when operating Appointed Representative networks.
- Reviewing Business Sources
If you have a business model with multiple introducers (particularly Introducer Appointed Representatives) or those depending on non-regulated introductions, we can provide an independent check to ensure permissions are not being exceeded and that introductions are genuinely unregulated.
- Setting up Appointed Representatives and monitoring networks
We can undertake the onboarding process for your Appointed Representatives. We conduct fit and proper checks on prospective Appointed Representatives and Approved Persons, developing internal compliance manuals and procedures, setting up online manuals, conducting supervisory visits and providing training. We can also provide the necessary support for making both the Appointed Representatives and Approved Persons applications to the Financial Conduct Authority. As you will need to provide induction training for the firm and the Approved Persons, we can provide the material or undertake the training for you which will cover the basics of working in a regulated environment and any specific issues such as complaints and client money handling.
You can outsource monthly monitoring and supervision activities to us. The extent of this can be risk-based, for example depending on the amount of business being placed by each Appointed Representative. Higher business volumes would normally equal more checks. We can establish you with or provide an independent view of monthly reporting, such as reviewing reports or attestations from your network to provide assurance and highlight any trends or areas of possible concern.
- Support for Interactions with Regulatory Authorities
We will work with the business to identify gaps and implement necessary changes prior to a review by the Regulator. For example, we can be on-site during a Financial Conduct Authority visit to provide advice and support. If the Financial Conduct Authority identifies concerns and requires improvements, we will help to plan and implement a programme of remedial work to bring the business up to the required standard. Our helpline can also provide remote support should you be invited to participate in any thematic review. We can also help manage complaints and any dealings with the Financial Ombudsman Service.
- Due Diligence
If you wish to acquire other firms we provide a due diligence service, giving you an independent assessment of a prospect’s regulatory health. We will provide a report including a RAG rated overview of our findings to facilitate your decision-making process and evidence that an independent review has been undertaken.
- Locum Arrangements and Compliance Officer Replacement
We can act as your compliance officer in a number of circumstances. This could be where a short term solution is required or where a business needs the services of a senior compliance person, perhaps during periods of staff absence, growth or transition.
- Delegated Authority Auditing
We can undertake auditing on behalf of the capacity provider or others in the chain for underwriting, compliance and claims delegated authorities. This includes all product lines and distribution channels, including schemes, binder brokers and underwriting partnerships, MGAs, panel solicitors and loss adjustors. We are also able to assist the broker in preparation for a provider audit with a view to achieving the standards required and facilitating positive renewal negotiations.
“We have found UKGI to be an invaluable stakeholder in Wrisk. Their technical expertise, their responsiveness, and their cultural tone of voice work really for us. Unreservedly recommend them”
“Crixus Insurance Brokers have worked with UKGI for approximately three years now and we have been more than happy with their professionalism and knowledge on all compliance matters – their team is always friendly and keen to assist.”