FSA Regulation
FSA Rules Implementation
- How do you rate yourself?
- What is this health-check?
- How do I benefit from this health-check?
- How do I arrange for this service?
Take a look at the statements below, if you do not agree with any of these statements or partially agree with them, you are likely to benefit from a session with a member of PwC's general insurance regulatory team.
- We are well prepared for trading in the new regulated regime
(Implementation complete - processes redesigned, people trained) - We can demonstrate full compliance to the regulator
(Evidential standards specified; new internal & customer docs in use) - We have carried out a post implementation check
(New business model & compliance standards tested) - We have resolved all my regulatory issues and concerns
The FSA's views are heavily influenced by the results of interviews with senior managers. PwC have now worked with many firms in the sector, helping them to understand what to expect from the FSA and how to prepare for a pending visit.
The health-check is designed to allow you to spend time (usually up to a day) with PwC talking through how you have implemented the FSA rules in, for example, any of the following areas:
Senior management arrangement, systems & controls
- Risk & control framework
- Allocation of responsibilities
- Policies
- Risk-based monitoring
Conduct of business
- Sales process(es)
- Documentation & disclosures
- Status
- Demands & needs
- Other disclosures
- Post sale servicing
Client money / risk transfer
- Bank accounts
- Co-mingling
- Systems & controls
- Problem areas
- Records
Training & competence
- T & C framework
- Competence criteria
- Assessing & maintaining competence
- Records
Complaints handling
- Procedures
- Staff awareness
- Treating customers fairly
- Records
You will have the opportunity to discuss your own compliance arrangements enabling you to gauge how you compare to the standards expected by the FSA. This will allow:
- An independent (of implementation team) assessment; early feedback on rules implementation
- The identification of possible problem areas (before found by the FSA and before issues get too big); the cost of later remediation is usually significantly more
- Facilitates your ability to direct and focus your compliance spend; maximising the value you get from your compliance cost
Normally the feedback from PwC will be provided orally during the discussions; a written record of the main issues identified and any recommendations can be provided by way of written report.
You should contact your NU Account Manager. He / she will ensure the health-check is booked for you.
