Industry experience

Financial services

Compliance with FSA Regulations

Client
Royal & SunAlliance UK
Sector
Financial services

Project description

The Financial Services Authority (FSA) has introduced a series of regulations for general insurance, to come into force in January 2005.

The regulations apply to the selling and administration processes and will have significant impact on:

  • training and competence recording
  • the management of authorised agents
  • non-insurance fees
  • internal and external communications
  • FSA reporting process.

Strategically, the regulations will affect the shape of the agency base in the general insurance marketplace - smaller agencies may not wish to stay independent in this tighter regulatory environment; others will require assistance to comply.

ItemPlus assisted the Risk & Compliance team in structuring and launching a business and IT programme of appropriate size and breadth. ItemPlus then managed a series of projects during the requirements gathering and outline design stages.

Key activities in support of strategic decision-making included:

  • defining impact and requirements with each business area
  • modelling agency management costs and profitability in the new environment.