FCA Insurance Intermediaries Manual (formerly FCA - MGI Manual)
Our FCA Insurance Intermediaries Manual provides you with the current and permanent file programmes needed to undertake an FCA client assets (CASS 5) audit engagement for a mortgage or general insurance intermediary, in accordance with the FRC's Client Assets Assurance Standard.
Our FCA Insurance Intermediaries Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
- Guidance notes that provide you with essential background knowledge on the scope of FCA regulation of the mortgage and general insurance intermediary sector. They cover the key aspects of the audit and reporting requirements for such businesses, including the FRC's Client Assets Assurance Standard.
- Example letters, which include engagement terms for a limited company intermediary that set out the FCA aspects of the engagement and a confirmation letter for firms operating non-statutory trust accounts. Supplementary example management representation letter points are also included.
- An example CASS 5 audit report.
- Permanent file documentation to help ensure that permanent files contain adequate specialist information.
- Current file documentation to enable you to provide the CASS 5 audit report for an FCA mortgage and general insurance intermediary, comprising of planning, completion and work programmes which cover client money, non-statutory trusts, appointed and field representatives and other agents, mandates and sundry areas.
March 2022
The principal technical changes in these updates relate to:
- The introduction of the Investment Firm Prudential Regime (IFPR); and
- The introduction of the new suite of Quality Management Standards (ISA 220, ISQM 1 and ISQM 2).
The IFPR is effective from 1 January 2022. The revised suite of Quality Management Standards (ISA 220, ISQM 1 and ISQM 2) are effective from 15 December 2022, with early adoption permitted.
Changes to ISA 240 The auditor's responsibilities relating to fraud in an audit of financial statements, and ISA 315 Identifying and assessing risk of material misstatement are both effective periods commencing on or after 15 December 2021. Although these do not directly impact the FCA Insurance Intermediaries Manual, there have been changes made to the references of some planning documents in this manual.
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