Insurance Broking Services
Expert support for insurance brokers navigating FCA authorisation and ICOBS regulation. We help you meet regulatory requirements, maintain compliance, and grow your insurance mediation business with confidence.
FCA Authorisation for Insurance Brokers
Key requirements and prerequisites for insurance mediation authorisation
Professional Indemnity Insurance
Mandatory PI insurance coverage for all insurance brokers
- Minimum coverage levels required
- Policy must meet FCA standards
- Annual renewal obligations
- Run-off cover considerations
Capital Requirements
Financial resources to support your insurance business
- Base capital requirements
- Additional capital for permissions
- Ongoing financial monitoring
- Wind-down planning
Competence & Qualifications
Appropriate skills and knowledge for insurance mediation
- Relevant insurance qualifications
- SM&CR certification requirements
- Continuing professional development
- Training and competence schemes
Policies & Procedures
Comprehensive documentation framework
- ICOBS-compliant policies
- Customer documentation
- Complaints handling procedures
- Records retention policies
Compliance Monitoring
Ongoing oversight of regulatory obligations
- Regular compliance reviews
- MI and reporting frameworks
- Internal audit programs
- Risk assessment updates
Consumer Duty Compliance
Meeting FCA's consumer protection standards
- Fair value assessments
- Customer outcome monitoring
- Product governance frameworks
- Vulnerability considerations
ICOBS Compliance Support
Navigate the Insurance Conduct of Business Sourcebook requirements
Customer Documentation
Clear, compliant documentation for insurance customers
- Terms of business letters
- Initial disclosure documents
- Suitability reports
- Product information documents
Customer's Best Interests
Acting in accordance with customer's best interests rule
- Fair value assessments
- Product selection frameworks
- Remuneration disclosure
- Conflict of interest management
Demands & Needs Analysis
Understanding and documenting customer requirements
- Fact-find templates
- Needs assessment procedures
- Suitability demonstration
- Documentation standards
Ongoing Compliance
Maintaining ICOBS compliance throughout the customer journey
- Mid-term adjustments
- Renewal procedures
- Claims handling support
- Regular compliance reviews
How MEMA Supports Insurance Brokers
Comprehensive support from authorisation through ongoing compliance
FCA Authorisation
End-to-end support for insurance broking authorisation
Includes:
- Application preparation and submission
- Business plan development
- PI insurance arrangement guidance
- Capital adequacy calculations
- FCA liaison and correspondence
ICOBS Implementation
Embedding ICOBS requirements into your business
Includes:
- Policy and procedure drafting
- Documentation template creation
- Staff training programs
- Compliance monitoring frameworks
- Regular compliance reviews
Ongoing Advisory
Continuous regulatory support for insurance brokers
Includes:
- Regulatory change updates
- Compliance health checks
- FCA correspondence support
- Remediation project assistance
- Strategic compliance planning
Essential Compliance for Insurance Brokers
Critical regulatory areas that every insurance broker must address
Ready to Get FCA Authorised for Insurance Broking?
Contact our insurance broking specialists for expert FCA authorisation and ICOBS compliance support
📞 Phone: 0330 133 0811
📧 Email: contact@memaconsultants.com