It is a requirement of all insurance intermediaries regulated under FSMA (as amended by the Financial Services Act) to maintain certain Threshold Conditions.
Threshold Condition 7 (COND2.7) which was introduced in 2013 requires all entities to maintain a ‘Sustainable Business Model’ and to evidence this, firms are required to have a business plan.
Introducing RWA's Business Planning Tool
RWA understands how difficult and time consuming it can be to produce a business plan that meets the Regulator’s expectations. RWA has carefully designed an on-line Business Plan Tool which generates a completed business plan by inputting appropriate prose or statistics containing keywords, or series of keywords and phrases in each section.
The tool costs only £300 + VAT for an annual licence, which gives you access to the system to write the report and the option to export for offline filing.
What should my Business Plan include?
Your Business Plan needs to include matters such as:-
|• Rationale||• Business Structure||• Business Strategy|
|• Description of Business||• Governance Arrangements||• Board Policies and Statements|
|• Executive and Board Committees||• Reporting Lines and MI||• Regulatory Compliance|
|• Management Structure||• Risk Identification and Management||• Stakeholder Analysis|
|• Products and Services||• Scope of Permissions||• Viability|
|• Financial Resources||• Non-Financial Resources||• Human Resources|
|• IT Systems||• Premises||• Outsourcing|