Compliance MOT to be introduced

A new service for brokers who are managing FSA compliance on their own has been introduced. Insurance Compliance Services (ICS) has been created to assist professional full-time and secondary intermediaries manage the burden of industry regulation.

The ICS Compliance MOT will ensure a firm’s performance against 17 key areas and over 75 different issues meet with the FSA’s needs. The systems has adopted the FSA’s own approach to risk, using a Probability and Impact matrix to present both a numerical and prioritised indicator of the areas that require attention.

According to ICS, insurance regulation is in its third year and many intermediaries are in favour of an independent, specialist review of their compliance arrangements. They can put their time and energy into building their empire.

This year, ICS plans to develop further products to assist the requirements of brokers and is reviewing its Compliance Manual.