ICOBS & Financial Services: Risks, Compliance & Best Practice

Introduction

The Insurance Conduct Sourcebook (‘ICOBS’) has governed the non-investment insurance business since 2008. However, the different actors in the insurance industry from insurers to brokers and claims handlers now need to consider ICOBS from the perspective of a 21st century lens.

What was once viewed by many firms as a principles-based ‘tick-box’ regime is now a key source of regulatory risk, especially when read alongside the FCA’s Consumer Duty, which came into force on 31 July 2023. ICOBS failures are no longer assessed in isolation, they are scrutinised through a consumer outcomes lens, with hindsight and often in the context of complaints, claims disputes and Financial Ombudsman Service (FOS) decisions.

This virtual classroom seminar examines ICOBS through current affairs, regulatory policy, case law and Financial Ombudsman Service decisions, following the consumer journey from sales and disclosures through to policy cancellation and claims handling.

What You Will Learn

This live and interactive course will cover the following:

• How ICOBS practically applies through the life cycle of the consumer journey
• Where ICOBS creates the highest regulatory risks
• The consequences of non-compliance
• Regulatory requirements and rules such as the Consumer Duty that are connected to the current application of ICOBS
• Practical, day-to-day takeaways for insurance professionals
• The latest regulatory expectations and developments that are material to the application of ICOBS

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.