Richdale have continued to grow their presence within the general insurance sector and have guided many new entrants to direct authorisation with the Financial Conduct Authority (FCA), as well as acting as the Principal Firm for Appointed Representatives.
With the ever increasing levels of regulation and compliance, from the Insurance Distribution Directive (IDD), the Senior Manager & Certification Regime (SM&CR) to the FCA’s Client Assets Sourcebook (CASS), brokerages must be conscious of the constant changes in the compliance regime, increasing the risk of noncompliance to the brokerage while taking time from the core focus of the business.
Our clients embark on the Richdale Journey because we offer qualified and bespoke compliance support and guidance that helps all types of general insurance firms maintain their regulatory requirements whilst remaining commercially viable, including:
- Residential and commercial brokers;
- E-commerce insurance brokers;
- Price comparison website brokers.
Your dedicated Compliance Associate will understand your need to deliver the right levels of customer service to maintain credibility and integrity within the insurance industry.
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Typical compliance tasks for our general insurance clients
Maintain compliance with the Insurance Distribution Directive
The Insurance Distribution Directive outlines the regulatory requirements for firms designing and selling insurance products. Your dedicated Richdale Compliance Associate can help interpret the new Directive, showing you what it means for your business and then working together with you to ensure your company maintains its ongoing compliance.
Senior Manager and Certification Regime (SM&CR) support
SM&CR replaces the previous Approved Persons Regime and is designed to minimise harm to consumers and enhance the overall integrity of the insurance industry. Richdale’s Compliance Associates can work with firms solo-regulated with the FCA to prepare for SM&CR and enhance their accountability for conduct and competencies.
Review of performance against FCA expectations
Your dedicated Compliance Associate will assess your company’s recent performance and compliance against the benchmark expectations outlined by the FCA.
Review of policies and procedures
We will conduct a comprehensive review of your existing policies and procedures to ensure that they are compliant, up-to-date and reflect industry best practice. Our ongoing support package ensures that these are constantly appropriate and up to date.
Bespoke compliance monitoring
As part of our Compliance Support Package, we will design and implement bespoke programmes for monitoring the FCA compliance of your business; pinpointing areas for urgent action and long-term improvement.
Submission of regulatory returns
Can’t keep up with regulatory submissions? Let your dedicated Richdale Compliance Associate handle all of the “paperwork” and prudential compliance matters on your behalf.
Whether your business has just achieved FCA authorisation or is struggling to maintain its compliance and regulatory obligations, Richdale offer dedicated compliance training sessions. We train business owners and employees to better understand their responsibilities post-authorisation, consulting on risk management and compliance monitoring to maintain FCA compliance.
Guidance on changes to business structures
If your business changes its internal infrastructure or is considering rolling out a new sales initiative, we can offer consultancy on the best approach to achieve your objectives in a compliant manner.
Richdale boasts years of experience in preparing, filing and managing applications for intermediaries seeking direct authorisation with the FCA. Our specialist team understands what the Regulator is looking for and knows how to address any areas of concern your business may have.
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