Insurance Brokers
With the UK’s financial sector undergoing a radical overhaul, the regulation of the insurance industry will undoubtedly see major changes over the coming months.
The Financial Services Authority, which has regulated the insurance sector since 2005, is due to cease existing in its current form, being replaced by two new bodies – the Prudential Regulation Authority and the Consumer Protection and Markets Authority – which will promote efficient, orderly and fair financial markets and help retail financial service consumers get a fair deal. They will set the standards that their members must meet, with many rules and regulations for insurance brokers to follow.
We have the experience and expert knowledge to help your firm navigate this complex process, while also providing advice and support across a range of issues affecting local firms in the insurance sector including:
- Client Money Rules and the operation of statutory and non–statutory trust bank accounts
- Accounting for commission
- Client Money Audit, as required by some intermediaries
- Review of systems and controls
- Ensuring compliance with the relevant Companies legislation, eg. statutory audit requirement and statutory financial statements
- Routine reporting to the industry regulator