Assisting European insurer with Application for UK Authorisation
The Client’s Needs
The client is an EEA firm with permissions to carry on insurance business in the UK under the Temporary Permissions Regime (TPR) on a freedom of service 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 along with an assessment of the options available to it.
ICSR were engaged to:
- Advise the client on the benefits of applying for authorisation for a subsidiary or branch in the UK;
- Prepare a report outlining the benefits or detriments for each of the options;
- Provide advice on the application process and key issues likely to be encountered with the UK regulators during any application.
ICSR undertook a detailed review of the client’s objectives and existing corporate structure to understand the implications of each of the options. ICSR provided the client with a detailed review of each option, setting out the benefits and consequences for consideration.
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 has filed and is progressing with its applications for authorisation.