
Who We Are
Sicsic Advisory is a London based boutique consultancy, focusing on financial services risk and regulation.
We assist Boards and Management to deliver sustainable business models through financial, operational, and cultural resilience.
Sicsic Advisory was founded in 2019 by Michael Sicsic, a senior executive in the field of risk and regulation and former head of supervision for the UK general insurance retail sector at the Financial Conduct Authority (FCA).
Our Approach
We make sure you receive the advice you need, tailored to your businesses’ circumstances, specific goals and aspirations.
We believe that our 5Rs approach is critical to the success of our consulting and advisory practice:
- Relationship: Building strong relationships with our clients, partners, associates
- Relevance: Staying relevant to our clients’ needs and the markets we serve
- Resolve: Having the determination to deliver practical solutions
- Resilience: Maintaining resilience through difficult situations
- Resourcefulness: Drawing on our collective experience, knowledge and network to deliver the best advice
We have established a culture based on the power of collaboration and partnership, supported by the following three traits:
- Expertise
- Delivery
- Humility
Sicsic Advisory is an Associate Member of the Association of British Insurers.
We are a member of the Management Consultancies Association (MCA). We are committed to upholding the Principles of Consulting Excellence which promotes the value of consulting and commits its members to the highest standards of ethical behaviour, client service, and professionalism.
If you would like to know more about our commitment, please click here.
Our People
Michael is a senior executive in the field of risk and regulation in the financial services sector, with a strong focus on insurance. He has a deep understanding of business models in the insurance sector and the related risks.
He has founded Sicsic Advisory, the London based boutique consultancy focusing on financial services risk and regulation, in 2019. His team has a unique combination of expertise gained through direct industry experience, consulting roles and regulatory supervision leadership role in the UK insurance market.
Before setting up his own company, Michael spent 4 years at the Financial Conduct Authority (FCA) as head of supervision for the general insurance retail sector. Formerly, Michael spent five years at Aviva Plc. as Global Operational Risk Director covering Life Insurance, Asset Management and Non-Life insurance. Previously, he worked over 10 years at GE Capital in various senior risk and finance positions across commercial and corporate finance activities.
He has extensive international experience covering credit risk modelling and capital allocation, financial risk and ALM, operational risk management and quantification, conduct of business, financial crime compliance and M&A activity across multiple jurisdictions.
He is a liveryman of the Worshipful Company of Insurers.
Areas of expertise:
Enterprise Risk Management and prudential requirement
Insurance Business Model and General Insurance Pricing
Regulatory Affairs
Governance, Culture & Conduct
Operational Risk Management and Quantification
Hugh brings an extensive knowledge of the regulatory landscape and comprehensive understanding of the evolution of the insurance sector.
He spent 17 years as Director of Regulation at the Association of British Insurers (ABI), with accountability for relations between the insurance industry and the Bank of England on prudential regulation, for relations with the Financial Conduct Authority on conduct regulation, and for taxation issues affecting insurers.
At the ABI Hugh has held a number of Assistant Director roles, covering EU and international affairs, UK public affairs, ABI member relations and events and led significant international lobbying activity. He was temporary Director of Investment Affairs.
Before joining the ABI, Hugh worked for the UK Department of Trade and Industry (DTI), now the Department for Business, Innovation and Skills on the finance and governance of the Department, managed EU affairs and negotiated key EU directives, represented the UK in Brussels and then the London end of the British presidency of the EU.
Areas of expertise:
Regulatory affairs
Operational resilience
Climate change
Post-Brexit evolution of Solvency II
Neil has more than 30 years’ experience in the insurance sector and has extensive underwriting, pricing and governance knowledge.
Prior to joining Sicsic Advisory, he worked at Allianz for 18 years in a variety of senior management and executive roles. He spent the last six years as Chief Underwriting Officer, setting underwriting, pricing and data strategies in a highly regulated and data driven environment.
Neil is experienced in establishing robust underwriting disciplines to deliver strong and resilient business performance, while creating an appropriate culture and supporting framework to embed and reinforce pragmatic technical standards.
Neil is an experienced business and people mentor and a former Non-Executive Director of the Fire Protection Association.
Areas of Expertise
Underwriting Excellence
Pricing Sophistication
Data Strategy
Governance
Nadege is a regulatory and governance expert with specific experience of general insurance and complaints handling. Since setting up as a consultant in 2015, Nadege has advised financial services across a number of issues, including governance, risk management, remediation and regulatory engagement.
Prior to working as a consultant, she spent 16 years at the FCA, working in a variety of roles, across prudential, conduct, policy and supervision of investment and insurance firms. In her last role at the regulator, she was the head of the conduct policy department responsible for the regulatory standards on general insurance, banking and payments, mortgage lending, consumer credit, redress, governance and professionalism. She was also responsible for the relationship with the FOS and the FSCS.
Areas of expertise:
Governance
Regulatory Affairs
Rhiannon is a senior consultant focusing on organisational culture. She works with leadership teams of organisations up to and including FTSE100s to bring about real and lasting transformation.
She draws on 15 years’ experience as a Director at Barclays, spanning a range of commercial and operational roles. Her interest in cultural change was sparked whilst implementing a Conduct Risk framework across their UK operations. She subsequently spear-headed an in-house Culture Programme to embed customer-centric behaviour across the organisation.
As a consultant she has worked with and coached Boards and Leadership teams to better understand and proactively manage the culture of the Board Room and beyond. This has varied from assessment of current culture and the effectiveness of values in driving behaviour to cultural transformation through the redesign of the organisation’s cultural ‘infrastructure’ (such as purpose, vision and values), people process and business controls.
Alongside assessment and Board coaching assignments, scale projects include a deep cultural assessment and change programme for an organisation with an insurance arm, behavioural change programme for a UK subsidiary of a FTSE 100 equivalent and cultural transformation for UK Building Society.
Areas of expertise:
Culture change
Sue is a senior consultant, focused on conduct, culture and governance, with extensive professional experience from small broker firms to large multinational banks and insurers.
With over 20 years’ financial services experience, Sue has a depth and breadth of regulatory knowledge gained in Big 4 and specialist consultancies, along with practical industry experience with roles as Head of Compliance with general insurers, insurance intermediaries and a mortgage and consumer credit firm.
Sue is leading our offering on pricing practices and she is currently assisting a range of firms in the development and implementation of their pricing practices and ’fair value’ assessment processes.
In addition, she has worked with a variety of firms in their implementation of the Senior Managers and Certification Regime, and the Insurance Distribution Directive.
Sue’s has built and led Compliance functions at insurers, intermediaries, mortgage and consumer credit firms and managed a number of successful authorisations, for both UK (FCA) and Irish (CBI) entities.
Having started her career at Friends Provident in 1997, she gained her ACII qualification and was an examiner for the Chartered Insurance Institute.
Areas of expertise:
Pricing practices
Consumer credit
SM&CR
Compliance function and framework
Nindy is a senior regulatory consultant, she provides a comprehensive range of risk and compliance solutions to Insurers and Brokers. She has over 20 years’ experience in General Insurance. She specialises in supporting clients in their implementation of regulatory change projects and has an exceptional record managing SMCR implementation.
Nindy is adept in overseeing compliance projects, developing frameworks, designing, and delivering workshops and training. She was recently the lead consultant conducting a s166 review on corporate governance for a Tier 1 Insurer.
Nindy spent six years at the FCA in both Policy and Supervision roles where she made a significant contribution to a number of regulatory change projects including SM&CR and IDD. Before joining the regulator Nindy held managerial roles in compliance and claims for a general insurer.
Nindy has a Law degree (LLB) and Legal Practice Course post graduate diploma from the University of Birmingham.
Areas of expertise:
Conduct
SM&CR
Insurance Distribution Directive
Regulatory affairs
Brexit solutions
Martin is a seasoned risk and finance professional with over 25 years of experience in the financial services sector, with a strong focus on Insurance. His experience within the insurance industry extends to having worked with Underwriters, Brokers and Price Comparison Websites in both the Life and General Insurance Sectors.
Martin was the Group Risk Director at BGL Group (Compare the Market), covering both the Group’s Broker and Price Comparison business. Previously he worked for RSA Group for nearly 14 years as both Group Capital Manager where he developed a deep understanding of risk and capital modelling before taking up the position of Group ERM Director.
He has an excellent track record in leading strategic change including having successfully implemented two fully integrated Enterprise Risk Management Frameworks across two separate businesses.
Martin is also a qualified ACA, where he gained his first experience of the financial services sector as an Audit Manager at Price Waterhouse.




Sukhraj is a senior executive with a unique blend of transformational risk, internal audit and compliance expertise gained over 20 years within the International Insurance industry. He has a practical and commercial approach, with a focus on how Control Functions can add real value to the business.
Sukhraj was Global Chief Risk Officer for over 3 years for AmTrust Financial in New York (NASDAQ Listed, writing $9bn of Premium Income), where he rebuilt the Group’s Enterprise Risk Management Framework following challenges from regulators and rating agencies. He developed and managed a team of 50 Risk Professionals covering ERM, Exposure Management, Information Risk Management, and Capital Modelling. He has also acted as a Board level CRO for AmTrust’s UK insurer and Lloyd’s Syndicate, as well as the European Group Head of Internal Audit.
Prior to AmTrust, Sukhraj worked for over 10 years in Professional Practice primarily in Deloitte’s General Insurance team. During that time, he was seconded to Lloyd’s of London as the Acting Head of Internal Audit.
More recently, he has been working with established and start-up Insuretechs, both in the UK and Internationally, focusing specifically on Embedded Insurance and Embedded Finance.
Sukhraj is a qualified Chartered Accountant (ACA) with the ICAEW, and a Chartered Internal Auditor (CMIIA) with the IIA.
Areas of expertise:
Compliance
Risk management
Internal audit
Operational resilience
Sandra is an experienced and qualified insurance professional with a wealth of experience in financial services, insurance broking, compliance and regulation. Having spent 30 years working in the insurance industry, she has a sound understanding of insurance broking operations and procedures from both a regulatory and practical perspective.
Sandra’s background includes working with broking firms on mergers, acquisitions, operational alignment and integration programs. She has led and supported numerous regulatory due diligence projects for both acquisition firms and vendors. She has delivered regulatory due diligence programs ranging from small to medium acquisitions to several multimillion pound deals.
A certified information privacy professional, Sandra also brings additional expertise and experience in Data Protection Regulation (GDPR) and Direct Marketing Rules (PECR). She has supported operational compliance, information auditing and implementation of GDPR and has delivered privacy awareness programs and training, including direct marketing across multiple organisations.
Areas of expertise:
Regulatory Due Duligence
GDPR
Claire is a senior consultant, focused on conduct, culture and governance.
A regulatory specialist with over 10 years of industry experience across a variety of sectors, including General Insurance, Life, Investments and the Lloyd’s Market.
Claire has a proven track record in building and leading Compliance Teams to deliver complex regulatory projects and advisory services. She has a depth and breadth of regulatory knowledge gained through practical industry experience with roles such as Head of Compliance/Conduct with general and Lloyd’s insurers and insurance intermediaries. She started her career in 2007 at Unum Ltd.
Claire has a detailed knowledge of conduct risk and product governance, IDD, SM&CR, Corporate Governance and delegated authorities.
Areas of expertise:
Lloyd’s Market
Customer remediation
Outsourcing
Lindsey is an experienced Governance, Risk and Compliance professional with over 25 years of experience in the Financial Services industry. Specialising in Business Change, Lindsey’s has worked in a range of financial sectors including Banking, Insurance, Consumer Credit, Personal Investment, Mortgage, and Credit Referencing.
During 15 years in Financial Services regulation, Lindsey led a number of Business Change initiatives at the Financial Services Authority (FSA) before establishing and leading the FSA’s Business Change function. Since leaving the regulator in 2010, Lindsey has worked as a consultant with start-up, growth and longer established businesses –both in digital and more traditional environments.
With a particular focus on the development, and strengthening, of first, and second, line Governance, Risk and Compliance capability, Lindsey works with clients to ensure they meet internal and regulatory standards.
Energised by problem solving and experienced in managing conflicting priorities in rapidly changing, and often political, environments, Lindsey is a qualified Change Management practitioner who ensures sustainable change is achieved through engagement with key stakeholders, at all levels, both inside and outside the organisation.
Areas of expertise:
Regulatory Change Management
Governance
Paul is a Senior Business Risk Analyst, with a specific focus on regulatory and risk related projects. He has over 20 years experience in the Financial Services sector, with a strong background in process improvement, IT and project delivery.
Paul has significant experience of working with organisations to improve their businesses and processes with strong investigation, problem solving and decision-making skills. He has experience in using a wide range of analytical techniques and conceptual thinking to deliver high quality results.
He has worked recently at Barclays and Royal London on a variety of projects: finance risks and controls, GDPR, end-user computing and operational resilience.
Paul started his career as an IT developer at Co-operative Insurance and then moved to the position of Business Analyst for the Co-operative Banking Group. He began his consultancy career as a Business Analyst in 2012 and has since worked with a number of organisations largely on regulatory and change projects.
Kris has over 25 years’ experience in Financial Services and has spent many of those years in senior functions across compliance, anti-financial crime and data protection covering multiple disciplines including general insurance, reinsurance, wealth management and financial advisory services across several global jurisdictions.
Kris is a Fellow of the International Compliance Association and in his time has held a number of regulated Senior Management Functions (SMF) via the Financial Conduct Authority in firms ranging in size from boutique and start-up through to large, very complex organisations.
Areas of expertise:
Compliance
Lloyd’s Market
Customer remediation
Outsourcing






Our Partners

Governor Software
governorsoftware.com
We are delivering solutions to build outcomes based conduct framework. Governor Software and Sicsic Advisory formed a strategic partnership to revolutionise how UK regulated insurance firms can stay compliant in a constantly evolving regulatory environment.
Governor Software supports senior risk and compliance executives at financial institutions maintain governance and oversight through clear visualisation of their regulatory obligations and risk appetite.
Their team have first-hand experience of the production and oversight of governance information within financial institutions. Empowered with this unique knowledge, Governor have taken a fresh approach to addressing these challenges; using visualisation technology to efficiently tackle the issues associated with governance and oversight.

Elseware
www.elseware.fr
We are bringing together our collective industry and regulatory experience around risk management, risk modelling and regulatory change – gained across banking and insurance sectors.
We are focusing specifically on operational risk management and climate change financial risk management.
Elseware are specialized in risk modelling and quantification.
Elseware analyse and assess operational risk scenarios using a structured method and a simulation software (MSTAR). This method is used by leading financial institutions for regulatory (CCAR, ICAAP) and non-regulatory applications (KRI, risk management).
This method is now applicable for Climate-related Financial Disclosures (TCFD).
You can find out more about Operational Risk Modeling in Financial Services here.
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