Compliance support is something that many regulated firms reference but few truly understand. Here is a very straightforward account of what you can expect from an external Compliance consultant.
Gap Analysis Against FCA Rules
Performing a gap analysis between a firm’s current policies, processes and records against the relevant FCA rules to create a prioritised ‘to do’ list highlighting areas of concern prior to any supervision visits or reviews.
Drafting and Maintaining Policies
A common set of policies and procedures are required by most regulated firms. Financial promotions, complaints handling and conflicts of interest are typical examples of these. A consultant can create these documents for you and then keep them up to date as FCA rules change.
Monitoring Regulatory Change
FCA rules are constantly changing, it is easy for a firm to become non-compliant without realising it. Our Compliance Consultants monitor key regulatory changes and in addition to highlighting changes, will also explain the relevant parts of the rules and clearly outline the required action. FCA authorisation requirements for firms also form part of our ongoing monitoring work to ensure that any changes to rules are incorporated into a firm’s policies and procedures as required.
Supporting FCA Visits and Reviews
When the FCA contacts your firm for a review, a compliance consultant can assist in the collation of required documentation, ensure that relevant staff are prepared for the visit and respond to any queries raised by the FCA during the review.
Coordinating Staff Training
Many external compliance consultants are also able to identify training needs of staff within a firm and deliver training to ensure that all employees are able to conduct themselves in a manner compliant with FCA rules. This can include training on anti-money laundering, the consumer duty, financial promotions, conduct rules and many more.
Completing Regulatory Reporting
Annual and ad hoc returns to the FCA for regulated firms need to be completed accurately and submitted on time.
For FCA Compliance Consultants, see www.adempi.co.uk/.
Good compliance support is more than just completing paperwork for you. It is helping to ensure that your firm is on solid ground at all times.