FCA Compliance Audits
With the regulatory landscape ever evolving
It is important that your business ensures it maintains adherence to FCA compliance standards.
The importance of pro-active, regular evaluation and refinement of systems and controls – an FCA compliance audit – cannot be understated.
In the FCA Handbook, the regulator states, for example, that “A firm must establish, implement and maintain adequate policies and procedures sufficient to ensure compliance of the firm including its managers, employees and appointed representatives (or where applicable, tied agents) with its obligations under the regulatory system and for countering the risk that the firm might be used to further financial crime.”
The FCA makes clear that compliance is the direct responsibility of regulated firms and their principals. Ignorance of revised regulatory requirements can prove costly.
Expert insights
Completing an annual FCA compliance audit not only makes for sound corporate governance but is welcomed by the regulator.
As FCA compliance specialists, IFA Consultancy can guide your business through the regulatory maze.
By thoroughly analysing your systems and controls we can offer expert insights and recommendations that are specific to your firm.
Continued support
Once we have delivered your Compliance Action Plan, we can further assist you in implementing remedial actions and best practice protocols.
Our wider services also include provision of regular updates on revised regulatory standards and guidance, as they impact on your business.
Our FCA Compliance Audit Services
We offer an objective assessment spanning every regulatory area which impacts your business and compile a bespoke Compliance Action Plan.
This incorporates specific advice on any necessary remedial actions necessary to maintain compliance, as well as wider guidance on best practice operation.
We will professionally review, as relevant to your business:
- Senior Management structure and Governance
- Systems and Controls
- Protocols detailed in existing Compliance Manual
- Management Information (MI) protocols
- Data Security
- RegData reporting and timely notifications to the FCA
- Training & Competence (T&C) regime
- Senior Management & Certification regime
- Client files – full review of the advice process
- Vulnerable Client identification and support systems
- Anti-money laundering compliance
- Business Continuity plans
- Investment Strategy (due diligence, compliance with PROD rules)