Cost effective end-to-end solutions for a global insurance broker

The challenge:

Our client, a global insurance broker, had several regulatory challenges to overcome, including 11 Risk Mitigation Programme (RMP) actions; a Section 166 review; an enforcement; and additional commitments to the FCA. To mitigate and resolve these actions, they appointed us to provide an independent view on progress, with a focus on early intervention or remedial action.

Our solution:

We mobilised a team of eight specialists to fully scope the project and to deliver regulatory change to the business within two months, remove the enforcement and leave a robust framework for the future.

The team comprised of:

  • 1 Programme Director,

  • 3 Project Managers,

  • 3 Business Analysts,

  • and 1 Project Management Office (PMO) Manager.

We reviewed over 5,000 high net worth, high risk individuals, many from high risk jurisdictions at a fraction of the Big 4’s cost.

The outcome:

  • ABC skilled person (S166) review successfully delivered

  • FCA enforcement findings were addressed, all enforcement actions stopped, and the work was signed off by the FCA

  • Delivered a legacy without dependency to manage regulatory issues and initiatives going forward

  • The project cost £1.5m to deliver, saving 41% versus the next competing quote and prevented a £150m fine