Providing Compliance Support To Assist The Clients Operationalisation of its UK Branch
The Client’s Needs
The client is a Swiss/Liechtenstein based insurer and had applied for authorisation to operate a UK branch, underwriting and distributing specialty lines insurance products. It had recently hired a new Head of Compliance for its Branch but has required support with a number of services to support that individual addressing new regulatory requirements in the UK relating to Product Governance and the Consumer Duty as well as assistance with the operationalisation of its UK branch.
ICSR undertook an analysis of the client’s approach and controls on Product Governance at company level against the UK requirements and created a plan to close identified gaps. Added t this work was the development of a gap analysis and plan for a new framework build for Consumer Duty. ICSR supported the client with the necessary resource to operationalise its UK branch, including temporary resource to cover the parental leave of the new Compliance Officer, as well as providing training for members of the Branch Management and others involved in the Branch on issues faced by firms in the UK regulatory environment.
ICSR deployed a Talent Pool member with specific experience of Consumer Duty as part of their wider Compliance background, supported by team members where required. The work was overseen by a director of ICSR.
The client has now received authorisation to operate its UK branch, with all of the necessary frameworks and controls implemented in line with UK regulatory requirements and the clients own Head Office processes. The operationalisation of the compliance frameworks for the client’s business in the UK continued smoothly through the period of their Compliance Officers parental leave.