Insurance (ICOBS)

Check and Demonstrate Your Firm's Compliance Against Each ICOBS Requirement:

  • Client Categorisation Procedures: Confirm established processes to classify as consumer or commercial, including rationale on why accurate typing delivers highest protections, reduces uncertainty harms, and complies with ICOBS 2.1 for natural persons in non-professional trades.

  • Uncertainty Default to Consumer: Document treatment as consumer in ambiguous cases, highlighting why this provides elevated safeguards, avoids potential misclassification, and supports ICOBS 2.1.3G for vulnerable private purposes.

  • Mixed-Use Policy Handling: Verify firm clarification of primary objectives in hybrid policies, explaining why this ensures fair outcomes, tailors protections, and aligns with ICOBS 2.1.4G for business-private blends like fleet insurance.

  • Documented Classification Examples: Confirm maintained examples for consistent application, underscoring why this aids staff training, minimises errors, and evidences structured approaches under ICOBS 2.1.2G for scenarios like personal motor insurance.

  • Internal Consistency Support: Verify documentation promotes uniform categorisations, with insights on why this fosters regulatory reviews, demonstrates diligence, and integrates with Principle 6 for treating customers fairly.

  • Direct Claim Entitlements: Confirm policyholders can claim directly where entitled, including rationale on why this enhances access, reduces intermediary barriers, and fulfils ICOBS requirements for beneficiary rights.

  • Accurate Rule Application Prevention: Document measures to avoid errors in ICOBS provisions, highlighting why precise categorisations tailor disclosures, prevent under-protection, and safeguard against FCA enforcement for misapplied rules.

Firms leveraging RegTechPRO achieve up to 40% faster ICOBS reviews, with clear guidance on FCA expectations, turning client categorisation from a compliance hurdle into a protective advantage.