ICOBS in a principles based world

Course Code:	5161
Dates:	On a date of your choice
Venue:	Novotel Tower Bridge
Course Fees:	Available on application
CPD Credits:	6

"Today's announcement is another big step towards more principles-based regulation. All the evidence suggests that consumer detriment varies a lot according to the type of insurance product involved. And it is right we should now move to a differentiated and principles-based regime for general insurance where the focus is on outcomes for consumers rather than processes within firms."
Dan Waters, FSA Director, Retail Policy

ICOBS in a Principles Based World Course Outline

Update your understanding of how the developments in ICOBS will impact your business. This is a more principles based world but some key protections for consumers will be increased.

This timely one day workshop will help you to:

• Establish the shift from detailed rules and how your business is affected
• Examine where and how the Principles for businesses replace rules
• Recognise the key areas that impact on your compliance responsibilities such as claims handling, disclosure and promotions.
• Apply the new high level requirements and consider what is proportionate to your business

This ICOBS in a Principles Based World workshop will focus on the practical difficulties these rules pose to firms.

Who should attend?

This event provides an essential update if you're a compliance professional in a general insurer or broker who has retail customers.

How delegates will benefit

You will leave with a clear picture of the changes to the rules and how they will affect your firm as well as:

Knowing how to apply the new high level rules
Recognising where principles will replace rules
Knowing where to reconsider the risks on your risk register that may be impacted by these changes
Indentifying the key areas for systems and controls
Understanding the impact on essential elements of the sales process
Applying the changes to case studies and in syndicate exercises

Training Approach

This workshop is uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. The group size is kept to a maximum of 15 to facilitate sharing of experience amongst the delegates.

Workshop leader: Charles Meade-King

Charles is a solicitor and compliance professional with over 20 years experience in the financial services industry, including roles at board and senior level for Alliance & Leicester, Inter Alliance and London Life. He has recruited and established three compliance teams as well as T&C and training functions and successfully lead many supervisory visits.

As a consultant he has developed considerable expertise in risk management and compliance knowledge and skills. He has advised many mortgage and general insurance firms on the impact of the rules and guidance, helping them to adopt effective systems and controls.

He has presented at numerous seminars on regulatory matters and combines practical skills and technical knowledge to address the challenges that senior managers and compliance professional face.

Session	Aim	Content
Why the change to principles?	To review the thinking behind the changes and what the FSA expected to achieve.	The background to the change to a principles based approach Key elements of policyholder protection The critical role that protection products play The fit with TCF and Principles based regulation
The ICOBS rules	To establish knowledge of the content of the Sourcebook	Comprehensive Overview of the rules Guidance on interpreting the key requirements and the impact on policies and procedures Focus on sales, claims handling disclosure and financial promotions
Application of the rules	To correctly interpret the application of the rules to case studies.	Case studies General Insurance scenario – the task is to establish which ICOB rules/ Principles apply and establish what steps the compliance function should take.
The fit with TCF and other principles	To recognise how TCF and the forthcoming deadlines fit with the approach to ICOB	The latest on TCF The overlay of TCF onto ICOBS How compliance controls and measures can support TCF Syndicate exercise – The key measures that support TCF
Current compliance Hot Spots in the GI world	To know what is currently in the FSA’s spotlight and how to keep abreast of change	Hotspots – TCF, Critical Illness, PPI, Client Money, implications following MiFID for the GI market Guidance - v Principles – v – Rules Insights from the latest enforcement actions

Booking

If you are interested in booking this course, or if you have any questions, please call call us on 01327 858307.

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