“What is Ongoing Compliance Support”?
The problem with most firms, whether they be IFAs, Stockbrokers, Payment Services or whatever sector, is that the Compliance Officer is treated unfairly, if they are running the compliance function as a component of their job. Whether they are advising, trading or operate the financial side of the business, unlike 10 or even 5 years ago, there is far too much to get done, to gratify the demands of the regulators; The solution is “Ongoing Compliance Support”, but can you afford generic support based on the old IFA network models?
Obviously there are 5 main options;
- You can proceed as normal and let things get slowly further and further behind; not a great option, running the gauntlet of “not” being visited.
- You can devote more time to the compliance aspect, rejig the annual compliance monitoring plan and enlist other people to help; but you will need to supervise their efforts and if they are not “compliance” people, it may be even more work than you save.
- Engage one of the many consultancies that are either big 5 or quasi big 5, made successful by all the mis-selling of yesteryear and not necessarily focused on your kind of business. These guys usually want a big chunk of profits to be “available” and deliver ongoing support.
- You can recruit a compliance manager (or team) to perform the main bodies of work required, and have regular meetings to ensure they are staying up to date with everything. This is expensive with all the rights of workers and the fringe benefits.
- The final option is to engage with a particular niche consultancy that only provided experienced and qualified consultants in order to help you fit in all the compliance requirements and carry on your day job. Not the cheapest option, but a wise person would never confuse cost with price.
The regulator’s business plan for 2018 has created a raft of focused areas for the remainder of 2018 and start of 2019. From the FCA Handbook there are a variety of hotspots and they are determined to use their powers under the FSMA 2000 to progress, investigate and enforce where appropriate. Whatever FCA Regulated Activities you have permissions for, I am sure you will see that there is something for everybody.
The following list identifies the regulators cross-sector priorities to be addressed over the coming few months:
– Firms’ culture and governance
– Consumer Duty
– Tackling Financial crime (fraud & scams) & anti-money laundering (AML).
– Data security, resilience and outsourcing.
– Innovation, big data, technology and competition.
– Treatment of existing customers.
– Long-term savings, pensions and intergenerational differences.
– High cost credit.
– Wholesale financial markets.
– Investment Management.
As a part of the FCA’s ongoing programme of work they continue to mitigate harm from firms through a number of measures. Our Ongoing Compliance Support can help you mitigate your compliance and business risks.
Compliance Consultant, one of the top compliance companies, are FCA compliance consultants with in-depth knowledge of compliance regulations offers various ongoing compliance support packages that can be managed on-site or remotely (depending on your needs), or a mixture of both. Experienced and professionally qualified people that are as flexible as you need, with the goal of providing you with the very best compliance support function possible, with regular reports by email of the work they have planned, work that they have undertaken and any challenges identified along the way.
Compliance Consultant.
Making Compliance Work.
0207 097 1434