In today’s busy world, firms like yours require a swift, flexible, supporting and active response regulatory consultancy service, which will specifically include a broad array of consulting and advisory services that change over time, such as:
assistance with regulatory change projects to Variation of Permissions;
ongoing regular or semi-regular compliance support;
ad hoc regulatory compliance advice, as required; and
Monitoring software solutions for ongoing compliance.
The marketplace has changed rapidly in the last ten years, specifically due to a number of factors such as increased fintech, greater demand for transparency, the ‘Gig’ economy, the FCA approach and not least, advanced risk management by investment firms.
Whereas once it was permissible to treat all retail firms under one broad brush by compliance support providers, we believe that this has run its course and there is no longer any value left in this ‘support’. This type of ‘support’ stems from the old network organisations, who even though they have moved into direct authorisation support, still shove all firms into retail pigeonholes.
To provide annual ‘quick and dirty’ audits which are often not totally relevant , as well as using checklists and pro-forma compliance ‘sales’ substitute procedures, is totally inadequate from the Senior Managers And Certification Regime (SMCR) requirements of demonstrating reasonable steps, or ensuring that all information and material were made available.
In addition, MiFID II has created a far greater onus on firms to run their firms better and tighter with segmentation and categorisation, costs and charges breakdowns and single charging along with target market notifications, 10% fall obligations and more detailed and accurate reporting.
To do all this, while still running your business, is a paper nightmare as well as a continual headache. Identifying the risks and the weak spots is now critical for your specific business.
Regulatory breach or infringement mitigation has to be proportionate and swift.
Waiting for an annual report, some months away, will not provide;
- Evidence of “Reasonable Steps” taken;
- Fulfil your requirements under FCA COCON SC1, SC2 or SC3; or
- Demonstrate to any third party scrutiny that all information and materials were made available in a timely manner.
This is where Compliance Consultant can help with a contemporary approach, bespoke to your business.
- You know your business and how it operates.
- You know what keeps you awake in the small hours.
- You will often think of questions and scenarios where, you need answers quickly.
Doesn’t it make sense to work collaboratively with your compliance support provider and select the areas that require additional scrutiny , or perhaps just buttoning them up to stop them flapping in the regulatory winds of change?
“Information today is plentiful, the application or implementation of requirements is where the challenge occurs”
Lee Werrell, Owner, Compliance Consultant
In a changing market and regulatory environment , it is vital to have regulatory consultants able to provide a high-quality service through:
- thorough understanding of industry risks and issues you face;
- detailed knowledge of the ever-evolving regulatory environment
- the increasing changes to the FCA and their regulatory expectations and standards;
- championing best but pragmatic, cost-effective practice and being a catalyst for improvements to your growing business; and
- dealing quickly, effectively and efficiently with any work required.
Undoubtedly you need regulatory consultants that are suitably agile and appropriate for tomorrow’s environment . You require a firm with not only verifiable skills and experience in the industry, but also the capacity to deliver seamless regulatory support services that match your requirements .
Compliance Consultant has built its business by concentrating on developing expertise in specific industry sectors. Recognised as a ‘thought leading’ adviser we continually develop our services to meet clients’ needs. Our success is based on client relationships that last, built on transparency, technical expertise and, most importantly, adding commercial value through the work we do for our clients.
We believe that Compliance Consultant is well placed to meet your requirements. Indeed, we would be delighted to act for you. Our proposal, therefore, sets out how we will work in partnership with you, our services and the associated costs.
We believe our approach offers you not only the information you will need to feel confident in choosing Compliance Consultant , but also;
- Control over what gets checked;
- Regular involvement on a business dependent agenda;
- No regular fees with long notice periods;
- Accurate, honest and practical advice almost instantly;
- Access to our monitoring software solution; automation of the mundane and repetitive compliance tasks.
- obtain templates for documents needed;
- With our initial benchmark audit, we also check all of your governance including Committee’s Terms of Reference;
- Provide advice in responding to the regulator in cases of enforcement or challenge;
- Reports positioned as discussion documents for you to agree or amend, slip into the board packs and record your decisions and actions to satisfy MiFID and SMCR.
Our Cloud-based Regtech solution (Pathfinder Evolution) is available to all, helping to automate compliance procedures and provide full MI to evidence the “Reasonable Steps” needed to satisfy the SMCR rules. See https://www.complianceconsultant.org/pathfinder
No Annual or Regular Fee
In today’s specialist environment for financial service firms, they need someone who is responsive , when they need them; not whenever it suits the support company.
Annual checks are too infrequent for a firm to find out they have been doing things in error or breaching the rules. They need an answer quickly;
- with evidence as to what and why;
- recommendations for remedial actions; and
- a complete audit trail.
We provide on-demand visits, bespoke to your concerns and regular checks that may fit in with your annual Compliance Monitoring Plan (CMP) or other developments. These can be costed when required depending on scope and time.
Free Help-desk Enquiry Service
We provide a free enquiry service to all of our clients and will typically answer as soon as possible, with the intention of it being in less than a working day. If the query requires additional research or other work, we will provide you with a price there and then.