Advising International Firm On The Application Of The Temporary Permissions Regime To Its Business
The Client’s Needs
The client is an EEA based insurance group with UK business which needed a solution for Brexit.
ICSR were engaged to:
- Review the firms’ position and advise the group on the application of the TPR to its business,
- Liaise with the regulators,
- Advise on and assist with the application to enter the TPR,
- Advise on next steps for authorisation,
- Assist with authorisation applications.
ICSR successfully assisted the client to apply for and be accepted into the TPR including ensuring that it had both FOS and FOE passports beforehand.
ICSR continues to provide the advice and support required for the applications including:
- Support for the preparation of the Regulatory Business Plan,
- Assisting and advising on the appropriate governance structure,
- Helping with assessment of the approach to take to regulatory capital,
- Advising on and drafting documentation for the development of 3 Lines of Defence including Risk and Compliance Frameworks which included ORSA processes, risk and compliance Policies, tolerances and assessment/oversight processes,
- Advising on and assisting with other aspects of the Scheme of Operations, and
- Supporting the Completion of the formal application documentation.
ICSR deployed a Director to provide the advice and a senior compliance consultant to provide the compliance support.
The client successfully obtained permissions under the TPR and is progressing with its applications for authorisation.