This division is the regulated heart of the insurance and pensions market: the businesses that carry the risk — life and general insurers, reinsurers — and the vehicles that fund pensions. The regimes differ sharply by what you are. Insurers and reinsurers need Part 4A permission and are dual-regulated by the PRA and FCA. Trust-based occupational pension schemes are not FCA-authorised at all — they are supervised by The Pensions Regulator. If you are not sure you need authorisation in the first place, start with do I need FCA authorisation.
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Put the shared duties in place
Whatever you operate, start with the universal spine. Follow "Run a compliant insurance or pension business" for data protection and the ICO fee, employers' liability insurance, health and safety, fire safety and equality.
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If you carry insurance risk — insurer or reinsurer
Effecting and carrying out contracts of insurance are PRA-regulated activities. You need Part 4A permission through the PRA, and you must meet the Solvency UK prudential regime and operational resilience requirements. Follow "Insurer authorisation and prudential rules".
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Then meet your conduct and accountability duties
Alongside the prudential regime, the FCA supervises your conduct: the Senior Managers and Certification Regime, the Consumer Duty for retail business, financial promotions, complaints handling, claims payment and pricing rules, and FSCS membership. Follow "Insurer conduct and accountability rules".
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If you run an occupational pension scheme
Trust-based schemes register with The Pensions Regulator and follow its regime: scheme funding for defined benefit schemes, trustee knowledge and understanding, pensions dashboards connection, and qualifying-scheme requirements where the scheme is used for automatic enrolment. Follow "Run an occupational pension scheme".
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Confirm you have covered everything
Finish with the insurance and pension compliance checklist to confirm every obligation that applies to you is in place.
If you broker or advise rather than carry risk
Insurance intermediation — broking, advising, arranging — is a different set of FCA-regulated activities in a different SIC division. See FCA authorisation for insurance brokers and starting an insurance broking business.
Legal basis
Primary legislation and key regulations