An analysis of compliance competence in the life assurance sector

Edwards, Jonathan Mansell (2005) An analysis of compliance competence in the life assurance sector. University of Southampton, Doctoral Thesis.

Abstract

The research commences by considering the nature of the regulatory framework for life assurance companies before enquiring into what is involved in the Financial Services Authority’s (FSA) notion of a compliance competent life assurance company. The research objective is to investigate and test the degree to which Skandia (Life) has incorporated the key elements of compliance competence into the organisation. The main focus is to explore the extent to which it is adopting what the FSA identifies as industry-wide ethical values and culture, arising out of a partnership approach between the regulated and the regulator. The analysis utilises a case study approach supported by template analysis.

The case study has revealed that in order for a life assurance company to be compliance competent it needs to benefit from three main inputs: good compliance practice, good ethical practice and a positive FSA relationship. The essential elements can be brought together in a compliance competence partnership approach model.

The research allows recommendations to be made that will improve Skandia’s compliance competence profile. It also enables generalisations from the case study to be made in the wider financial services sector.

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