The FSA guidelines on what constitutes best practice, and the criteria that they will use to assess the performance of a regulated company, are opaque and require a great deal of interpretation. Accordingly, we use leading barristers to understand our clients business and conduct vulnerability assessments on their compliance systems to make sure they are sufficiently robust to withstand even the most intense scrutiny.
We work closely with our clients to understand the real practical risks to their business, and to ensure they are offered maximum protection at an affordable cost. At the end of the process, our clients recieve an easy to understand, practical report with areas of vulnerability highlighted, and remedial action suggested.
In taking an independent healthcheck, and correctly observing the advice given, our clients will have then demonstrated adequate measures, as the FSA describe them, in following best practice and attempting to comply with regulations.
Our healthchecks include the following services:
- Approved Persons Assessment;
- Treating Customers Fairly (TCF) Assessment;
- Money Laundering & Know Your Customer procedures;
- Training & Competence;
- FSA reporting;
- Complaint Handling.
Review of Appointed Representatives
As any regulated entity operating with appointed representatives will be aware that the liability for any wrong doing falls squarely on it's shoulders. The penalties and reputational damage for non compliance can be severe, even if there is no question of the regulated entity acting incorrectly at all.
This is why it is becoming increasingly popular for companies who have AR’s to insist that they conduct regular reviews in order to ensure they are continuing to operate within the regulations.
Please contact a member of our team to discuss ways in which we can help mitigate your regulatory risk in any of the above ways
