Case study product governance

Assisting European insurer with Application for UK Authorisation

The Client’s Needs

The client is an EEA insurer with permissions to carry on insurance business in the UK under the Temporary Permissions Regime (TPR) on a freedom of service and freedom of establishment basis. The client wished to carry on trading in the UK after the TPR has expired and required assistance with its authorisation applications to the PRA and FCA.

ICSR were engaged to:

  • Assist the client to apply for temporary permissions under the TPR arrangements;
  • Provide advice on the application process and key issues likely to be encountered with the UK regulators during any application; and
  • Assist with and advise on the completion of the applications and various supporting documents including the regulatory Business Plan.

ICSR’s Solution

ICSR supported the client on making its successful last minute application to the PRA for admission to the TPR regime, and then advised the firm on the preparation of its full application for authorisation including:

  • Completion of controller forms and all application forms for the firm;
  • Completion of the applications for senior management functions holders;
  • Completion of the regulatory Business Plan including advising on capital requirements, submission of financial statements and other supporting financial information and the Target Operating Model for the new branch including resourcing, governance, control and risks issues as well as the development of the scheme of operations for the proposed branch.

Resources Deployed

ICSR deployed a Director to provide the advice and a senior compliance consultant to provide the compliance support.

Client Outcome

The client successfully obtained permissions under the TPR and has filed and is progressing with its applications for authorisation.

Advisory | Resourcing | Training

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