We audit over 50 FCA regulated insurance intermediaries ranging in size from £750k to £40m commission income. Our broking team is highly active in the market, having representation on the ICAEW Insurance Sub Committee and has been consulted by the FCA on issues relating to the new regulations affecting brokers. We spend a considerable amount of time keeping up to date with the new regulations and developments in the market generally, and meeting people in the market to gauge how the various changes affect businesses at the practical level.
The Future of Commercial Insurance Broking
How can brokers best prepare for new industry developments such as such as the march of commoditisation, the future of work, the Internet of Things and Artificial Intelligence? Our ‘The Future of Commercial Insurance Broking’ report, written on behalf of the Chartered Insurance Institute, provides brokers with a manifesto and explains how they can develop beyond a transaction-led service into a valued-added risk advisory role. More
New start up
We were asked to assist a leading corporate finance team with the setup and FCA application of a new underwriting agent. The entity was due to transact £50m premium in its first year and make a significant impact on the market they operated in. We arranged consultation with the FCA and provided support in all financial aspects of the application including financial projections and business plan.
Risks and controls documentation
As part of the interim audit for one of our brokers we carried out a detailed exercise of documenting systems and controls. This helped us get to know our client better and also gave added focus to audit – we cut out a layer of work and got to problem areas quickly. Our work was also used by the client as part of their DRP submission to the FCA and continues to provide a framework to highlight issues to the audit committee and board.
We work with a number of types of organisations carrying out due diligence, including firms, banks or private equity.
We work best when we work in partnership and have helped a number of organisations develop their approach to due diligence. Our emphasis is always on assessing risk and focussing on key issues.