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The FCA are publishing papers targeted at the insurance sector at some pace from Solvency II to renewals. Are you well placed to manage the regulatory pressure being brought to bear?

Customer needs are changing and it is now harder to meet those needs with large scale, inflexible product offerings. There is now a demand for more personalised insurance. Such a change in landscape will be harder for larger, less mobile firms.

Challenge: Changing Regulation

As with the rest of the financial services industry, insurance has been significantly affected by regulatory change that has seen the introduction of the Senior Insurance Managers Regime (and future extension to all FSMA authorised firms), Solvency II, MiFID II and IMD, and PRIIPs. Regulatory changes require significant resource to implement and ensure ongoing compliance, and in some cases may lead to firms needing to reconsider business models. Regulatory pressure and scrutiny is expected to bring greater control and transparency to the industry.

Challenge: Disruption through technology

The way customers access information and purchase insurance / compare insurance. Also the impact on the diversity of products and the breadth of coverage. Financial technology, and specifically InsurTech, is providing the industry with ample opportunity to innovate which in turn will drive competition through the lowering of barriers to entry. Inevitably, such competition will force a number of established firms to consider how to keep pace with industry changes.

Challenge: Conduct risk

Conduct risk continues to be an area of significant focus for the FCA. Firm are under greater scrutiny to ensure that client needs and products are aligned, particularly in an age where the customer experience is more remote. This is of particular interest in an increasingly dynamic industry facing challenges and opportunities from technology.

Challenge: Cyber risk

Cyber crime is an emergent risk to financial services and one that presents a significant threat. This linked to the innovation agenda leads to many firms considering how they innovate whilst not putting at risk their data or data of their customers. Firms need to be sure that such risks are adequately managed.

Our solution

We can help firms to manage risk and regulatory driven change and operational transformation across their businesses. Our team of highly experienced financial services professionals is complemented by an extensive range of financial services and other legal professionals within Eversheds Sutherland and together we can assist firms to navigate through the ever changing regulatory landscape.

We have expertise in advising firms on their governance and risk management structures, on meeting FCA authorisation requirements and developing a sound compliance culture.

We can provide resource support to compliance functions and regulatory change projects as well as providing assurance and advisory services over product design, distribution, past business reviews, financial promotions, complaints and enforcement.

We can work with senior management to manage their relationship with the regulator and to provide training across the business.

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