The work considers 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 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 work provides a valuable insight into compliance competence for general practitioners operating within the financial services sector and will be of special interest to compliance professionals. It contributes to the general academic literature within the field of compliance.