Advising Client On Authorisation Process To Create A UK P&I Club
The Client’s Needs
The client is an overseas P&I Club and wished to explore and understand the process and benefits of creating a UK-based business and operations including a P&I Club. It needed UK expertise to help it understand how the regulatory system worked and provide critical oversight of its high-level plans from the perspective of the PRA and FCA.
ICSR worked with the client to develop outline plans and timelines for the creation of a UK P&I Club, understanding how that process would support the client’s wider business plans and objectives. By being involved at the very early stages of the planning process, we were able to help shape the strategy and set clear expectations with the international leadership team on what could be achieved, and the timescales involved.
Our work with the client helped them think about what would be required to support an application, including:
- What the target operating model needed to outline;
- The requirement for a Governance and oversight structure;
- The need for Organisational Charts identifying the appropriate levels of resources required; and
- What needed to be covered in the financial plans for operating and maintaining the business.
The benefit of this approach was that it mitigated risk for the client in the event it concluded it was not able to meet the expectations of the UK regulators for authorisation, whilst ensuring that any work done was beneficial in the event the application proceeded.
This work was delivered by a director of the business with significant experience steering international firms through planning and decision-making cycles for expansion into new markets.
The client has been able to validate its plans and confirm the business benefit of creating a UK P&I club, with the confidence that its plans will be approved by the regulators. Its application is now progressing smoothly.