ICSR Horizons Q1 2024: Our Quarterly Report For Senior Leaders
The Q1 2024 edition of Horizons, our quarterly report for senior leaders across compliance, risk and regulatory roles within insurance firms is now available. Get your copy.
FCA Fair Value & Product Governance ‘Dear CEO’ Letter – Strike Two From The Regulator?
If the multi-firm review & findings from the FCA in Q3 2022 were considered ‘Strike One’ for insurance firms, then the FCA’s “Dear CEO” letter of 23rd February titled ‘Re: Product Governance Thematic Review – General Insurance and Pure Protection’ can be considered ‘Strike Two’.
VisRisk Solves The Challenges Of Assessing, Evidencing And Delivering Fair Value Whilst Creating Operational Efficiency
Learn how VisRisk solves the challenge of assessing, evidencing & delivering fair value whilst creating operational efficiency, addressing concerns raised by the FCA in their assessment of firms’ response to Product Governance rules.
Market Modernisation – Balancing Risk & Readiness
Change is inevitable and our market is constantly managing a whole variety of change programmes, each with their own level of risk. Blueprint Two is certainly one of the larger programmes. Benoit Steulet and Claire King look at the work necessary to balance risk & readiness ahead of the Phase 1 cutover in July 2024.
ICSR Launches Podcast Talking Heads Series
ICSR has launched a new ‘Talking Heads’ podcast series, featuring interviews with members of the team, complementing our ongoing series of webinars which remain available as recordings on our YouTube channel. Episode 1 features Compliance Consultant, Palak Bedi talking about the Consumer Duty.
Solvency Reform, The Secondary Growth Objective And Electoral Risk
Reform of the Solvency rules affecting insurance firms operating in the UK is well underway and remains one of the oft-referred-to benefits of our exit from the EU. But could an early election mean remaining legislation might fall to a new Government to conclude? Claire King considers the issue.
Fair Value And The Problem With GAP
The FCA has announced that GAP insurers have agreed to withdraw their product on the grounds of lack of Fair Value. Kenneth Underhill looks at the underlying issues and identifies four key learning points that all insurers should consider when assessing the Fair Value of their product sets.
Solvent Exit Planning – Closing The Door Before The Horse Has Bolted
The PRA have published their Consultation Paper on Solvent Exit Planning, with proposals requiring firms to prepare a Solvent Exit Analysis (SEA) and a Solvent Exit Execution Plan (SEEP). Claire King looks at the proposed rules.
Climate Change Disclosure – Managing Multiple Stakeholders
As the financial services sector completes its second year of mandatory climate change disclosure reporting, it’s a good time to take a step back and review the current requirements and how these are to be enhanced and harmonised against the standard setters’ expectations.
Solvency Threshold Increases – Helping Drive The Regulator’s Secondary Growth Objective
We are expecting further updates on the changes to the Solvency regime for the UK in 2024, including proposed increases to the thresholds for smaller firms. These changes will be of particular interest to those considering a captive arrangement or smaller dual-regulated firms.
ICSR Expands Team With Two New Appointments Across Compliance And Operations Functions
ICSR is delighted to welcome two new employees to the team effective from 2nd January 2024, with both our Compliance and Operations teams growing. We welcome Matthew Davies as Compliance Manager and Marissa Miller as Project Manager.
Big Tech And Insurance – An Opportunity And A Threat
Benoit Steulet looks at the regulatory approach to the threat of Big Tech firms and considers both the opportunity and threat they pose to established insurance firms, against the background of the FCA feedback statement “Potential competition impacts of Big Tech entry and expansion in retail financial services .”