New unit will focus on servicing regulated firms in order to meet FSA requirements
Watertrace, the management consultancy, has launched a risk and compliance division.
The new unit will provide a focus for the servicing of regulated firms in order to meet FSA requirements.
Watertrace said a key market for the division will be the travel industry, which is looking to address the impending regulation of travel insurance in 2009. The detail of the regulatory regime and the authorisation process will most likely be known relatively early in the second quarter of 2008, said the management consultancy.
The division will be headed by Bobby Deegan and Theunis Viljoen. Deegan has over 18 years of London Market experience and was previously Group compliance director at Jardine Lloyd Thompson (JLT). Viljoen has worked in the industry for over 20 years and was previously financial director – European distribution at Primary Group.
Mike Barr, managing director of Watertrace, said of the launch: "In establishing a risk and compliance division with Bobby and Theunis we are adding real focus to our service to regulated firms. Both are experienced practitioners and are very well known in the market. Together with our team of consultants who have considerable London market and General insurance expertise. Watertrace offers effective solutions to compliance and regulatory issues.
Watertrace helps clients with organisational change, strategy, technology and project management services and solutions to the Lloyd's and London Insurance Market.