Very interesting reading through the FCA list of fines 2016 and 2017 .
Whilst only a few directly apply to Senior Managers or Insurance Firms, a strikingly large number of fines have been levied due to lack of Fitness/Propriety as well as Culture/Governance.
The former predominantly being charged against individuals in the thousands and the latter to businesses in the £millions.
It’s no surprise therefore, that Finance and Insurance firms are increasingly turning to Fintech and Regtech solutions.
No doubt, with the regulation coming into force a few years ago now, all is running well and businesses are producing governance and responsibility maps on demand when the regulator comes knocking at the door.
This year sees a new compliance deadline: December 2018, applicable to all Insurance and Reinsurance firms regulated by the FCA and PRA. This will affect:
All Insurance and Reinsurance firms must evidence the current active status of each employee meeting the above criteria therefore.
Additionally, as FCA/PRA definitions for conduct/function/roles are updated, the solution must be able to easily adapt and highlight any new training requirements or identify any potential breach for the firm to address actions required to maintain compliance.
Existing and new Regtech Solutions must now be able to cope with increasing volumes of data collection & storage, validation through a higher number of business rules and multitude of on-demand reporting requirements.
With only just over 6 months to go it is high time your internal tech teams start analysing their existing solutions and get projects started to either implement a new solution or outsource accelerated development projects to ensure all has been tried and tested before the regulation comes into force.
There are of course many more elements. Have a look at infoFINIUM, which can incorporate modern technologies to take reg tech one step to the future and turn make insurers and reinsurers proactive rather than reactive.
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