Providing Validation and Advice to Overseas Insurance Group on SM&CR

The Client’s Needs

The client was a very large overseas based Insurance broking group which had just established a Lloyd’s broker in the UK. It had received advice on SM&CR and wanted to obtain validation of the advice and further advice on Board Governance and regulatory expectations. It had plans for significant expansion in the UK by moving more international business into the Lloyd’s environment.

ICSR was engaged to assist.

ICSR’s Solution


  • Undertook a review of the SM&CR requirements for the firm and the current membership of the Board and management team;
  • Provided advice to the firm on SM&CR requirements;
  • Made recommendations for changes to the Board and management in order to ensure that the company was meeting local expectations as well as advice on timing for potential future governance needs and Board composition changes; and
  • Provided advice to the Board on their obligations as Senior Management Function Holders and on FCA requirements more generally.

Resources Deployed

A director of ICSR undertook the review and provided the advice.

Client Outcome

The Client made changes to the composition of its’ UK Board of Directors and progressed a search for UK based resources to support the business.

Advisory | Resourcing | Training

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