General insurance

Contact us

About This Sector

FCA authorisation and regulatory compliance support for general insurance brokers, intermediaries and distribution businesses.

Businesses arranging, advising on or distributing general insurance products must establish whether their activities require FCA authorisation or can be undertaken through an appropriate appointed representative arrangement.

The requirements depend on the insurance products distributed, the firm’s role in the customer journey and its financial and operational arrangements.

Contact us

Alumni Compliance Solutions provides specialist authorisation support for general insurance intermediaries, including insurance brokers, managing general agents and other distribution businesses.

Our consultants include former FCA professionals, bringing regulatory experience to permission assessments, application documentation and compliance frameworks.
We help firms prepare for FCA authorisation and establish arrangements appropriate to their insurance distribution activities.

Contact us

Common Challenges for General Insurance Firms

Identifying the Correct Insurance Permissions

Insurance distribution can involve advising customers, arranging insurance contracts, assisting with policy administration or undertaking other regulated activities.

The permissions required depend on the firm’s actual responsibilities.

A general insurance broker, price comparison business and managing general agent may therefore have different regulatory requirements.

Choosing the Appropriate Regulatory Structure

Some insurance intermediaries seek direct FCA authorisation, while others operate as appointed representatives of authorised principal firms.

The appropriate arrangement depends on the business model, distribution relationships, responsibilities and regulatory activities undertaken.

The chosen structure must provide appropriate oversight and accountability.

Meeting Insurance Conduct and Consumer Protection Requirements

Insurance distributors must comply with applicable conduct requirements, including those within the Insurance Conduct of Business Sourcebook (ICOBS).

For firms within scope, the Consumer Duty also requires appropriate arrangements for customer understanding, fair value, support and outcomes monitoring.

Product governance and distribution oversight may create additional responsibilities.

Demonstrating Financial and Operational Readiness

The FCA expects insurance intermediary applicants to demonstrate suitable management, financial resources, governance and risk management arrangements.

Where a business receives or holds insurance premiums, the treatment of those funds also requires consideration.

The applicable client money rules depend on the firm’s arrangements, including whether written insurer risk-transfer agreements are in place.

How We Help

Specialist support for general insurance businesses seeking FCA authorisation and managing their regulatory obligations.

Contact us

General Insurance FCA Authorisation

We assess your business model and identify the permissions required for your insurance distribution activities.

This includes considering the products distributed, the advice or arranging services provided, intermediary relationships and any reliance on appointed representative arrangements.

For businesses seeking direct authorisation, we help establish the applicable regulatory requirements before preparing the application.

Related service: FCA Authorisation Services

Regulatory Business Plans and Application Preparation

We assist with the documentation required to demonstrate your firm’s readiness for FCA authorisation.
This can include regulatory business plans, financial forecasts, governance arrangements, financial crime controls, conflicts of interest procedures and relevant Consumer Duty documentation.

Where applicable, we also help address insurance distribution controls, customer journeys and client money arrangements.

Our consultants assist with the appropriate FCA Connect submission and subsequent regulatory enquiries.

Insurance Compliance and Regulatory Support

Authorised insurance intermediaries must maintain appropriate arrangements for insurance distribution, customer communications, remuneration, complaints and regulatory reporting.

We help firms review their compliance frameworks, assess control weaknesses and prepare policies reflecting the relevant regulatory requirements.

Our support can also include variations of permission, regulatory notifications and compliance reviews as the firm’s activities develop.

Related services: Policy Review, Gap Analysis & Drafting; FCA Permissions & Notifications

How It Works

1. Understand Your Insurance Business

We review the products you distribute, your intermediary relationships, customer types and proposed regulated activities.

2. Establish Regulatory Requirements

We identify the appropriate permissions and consider the financial, governance and compliance requirements relevant to your business model.

3. Prepare the Application

We assist with the regulatory business plan, application forms, financial information, compliance policies and supporting evidence.

4. Support the FCA Assessment

We help address requests for clarification and additional documentation throughout the authorisation process.

Contact us

Our Clients Say

Fantastic service and support! I cannot recommend enough, Alumni Compliance were always on hand and ensured our journey through a very complex process was simple and straight forward.

William Colthart, Director

Our Clients Say

Alumni is a professional firm. They supported us all the way and were very responsive. We managed to get authorised by the FCA quicker than planned. Definitely recommended for any firm looking for FCA Authorisation or compliance in general.

Mohammed Ragab, Director, AMS Cars Ltd

Frequently Asked Questions

Insurance brokers undertaking regulated insurance distribution activities generally require FCA authorisation unless they operate through a valid appointed representative arrangement or qualify for an applicable exemption.

The requirement depends on the activities undertaken and the insurance products involved.

Permissions may be required for advising on insurance, arranging contracts, dealing as agent or assisting in the administration and performance of insurance contracts.

The precise permissions depend on the services undertaken and the firm’s role in the distribution process.

Yes.

An insurance intermediary may undertake permitted regulated activities as an appointed representative of an authorised principal.

The principal is responsible for oversight and compliance with the requirements applying to the activities covered by the arrangement.

Managing general agents (MGAs) may require FCA authorisation depending on their activities, delegated authority arrangements and regulatory structure.

Their responsibilities can extend beyond those of a conventional insurance broker.

The applicable permissions and governance arrangements should be assessed against the actual business model.

No.

Insurance intermediaries are generally authorised and regulated by the FCA.

UK insurers carrying on insurance business as principals are generally subject to prudential regulation by the Prudential Regulation Authority (PRA), alongside FCA conduct regulation.

This page concerns insurance distribution rather than authorisation to underwrite insurance as an insurer.

Where an insurance intermediary receives or holds client money, the FCA’s CASS 5 requirements may apply.

The treatment can differ where an insurer has agreed in writing that the intermediary holds premiums as the insurer’s agent under an appropriate risk-transfer arrangement.

The firm’s actual arrangements must be assessed.

The Consumer Duty applies to relevant retail insurance activities within its scope.

Firms must consider the outcomes customers receive, including product suitability, fair value, customer understanding and support.

Different conduct obligations may apply to business conducted exclusively with commercial customers.

The FCA generally aims to assess complete applications under the Financial Services and Markets Act within six months.

Incomplete applications can take up to twelve months. The assessment period depends on the quality of the application and any further information requested.

Talk to us today

FCA regulation and compliance can be complex, but we will help you navigate the process, allowing you to expand your business and create new revenue streams.

Contact us to talk to our friendly team about your requirements.

    We value your privacy

    Home   /   Retail Authorisation   /   General Insurance

    We track how people interact with our online web content and resources, and some of that tracking involves storing cookies on your device. By continuing to use our site you accept that you agree to this. For more details see our Privacy Statement.

    Ok