FCA supervision of the insurance market - Searchlight Insurance Training

FCA supervision of the insurance market

1 April 2013 marked the introduction of a new regulatory regime for the UK’s financial services sector.

The FSA was replaced by the twin peaks of FCA and PRA and this has heralded a new approach to regulatory supervision. Out has gone the FSA’s ARROW framework and in its place has come the FCA’s 3-pillar approach to supervision.

This course is intended for those wishing to gain a better understanding and appreciation of the FCA’s ‘new’ approach to supervision, with particular focus on the FCA’s ‘Firm Systematic Framework’

Who Should Attend?

  • Executive and non executive directors
  • Compliance staff
  • Risk managers
  • Operations managers

Level:

Duration: 0.5 day(s) CII CPD Hours: 3
     

WORKSHOP OBJECTIVES

  • articulate the FCA’s 3-Pillar approach to supervision and how each element fits with the others
  • understand the FCA’s Firm Systematic Framework, how it works and what’s expected of regulated businesses
  • understand the role and set in their proper context the areas of:
    • Governance, Risk & Culture
    • Business Model & Strategy Analysis
    • Product Design & Development
    • Sales Process Analysis
    • Post Sales Transaction Review
  • consider FSF within the context of fair treatment of customers and how this may be achieved and evidenced
  • start to plan what is needed in responding to FSF and the firm’s ongoing interaction with the FCA

WORKSHOP CONTENT

Setting the context – the FCA’s 3-Pillars

  • Pillar 1 – Proactive Firm Supervision
  • Pillar 2 – Event Driven Work
  • Pillar 3 – Issues and Products

Firm Systematic Framework (Pillar 1) – an overview

  • Prudential and Conduct Classifications – how these drive FCA supervision
  • The look and feel of the new supervisory approach
  • The role and importance of:
    •  Governance, Risk & Culture
    • Business Model & Strategy Analysis
    • Product Design & Development
    • Sales Process Analysis
    • Post Sales Transaction Review
  • Embedding ‘fair treatment of customers’ and addressing Conduct Risk

Preparing for FSF