Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 17th of August 2018
July 6, 2007

Launch of Compliance MOT

by Gill Montia

Story link: Launch of Compliance MOT

Insurance Compliance Services (ICS), a company formed specifically to help professional full-time and secondary intermediaries cope with the increasing burden of industry regulation, has launched a new service for brokers who are managing FSA compliance on their own.

The ICS Compliance MOT will check a firm’s performance against 17 key areas and over 75 different issues, giving it an independent review of the extent to which current compliance arrangements meet the FSA’s requirements.

The systems has adopted the FSA’s own approach to risk, using a Probability and Impact matrix to present both a numerical and prioritised indicator of the areas that need attention.

In addition to an overview of the firm’s compliance state, the Compliance MOT can be tailored to address just one area of regulation, such as client money.

General insurance regulation is now in its third year and according to Charles Maddocks, marketing manager at ICS, many intermediaries would welcome an independent, specialist review of their compliance arrangements so that they can focus their energies on building their businesses.

During 2007, ICS will be developing further products to address the needs of the broker community and is revising its Compliance Manual to incorporate two years of regulation experience and the most recent FSA developments.

 

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