The Template UK Regulatory Compliance Manual (http://goo.gl/fxAhgA) answers all questions about financial services in the UK. This reference book is critical for all firms that are involved with the UK financial services industry including payment providers, fund and asset managers, private banks, IFAs, GI brokers, among others. Whether or not you are UK based or have business interests in UK financial industry, this is the handbook that will provide you with all-inclusive related information about FCA (for the FCA and other regulators). The handbook contains over 130 pages with each section comprehensively discussed to guarantee understanding by the reader.

This Template UK Regulatory Compliance Manual is fully customisable to allow users to revise the contents that suit their company. Therefore it is created to enable readers to be easily able to update details to suit the FCA rules that are pertinent to their specific company model. The regulator prefers all governance being first hand, adopted by the users and not maintained centrally or remotely. The document is drawn up in simple English and could be changed by any individual with simple MS Word capabilities. The main aim of the template compliance guidebook is to assist company directors ensure that their company performs activities in accordance with the UK regulatory financial rules so as to avoid any friction with relevant authorities. It also protects companies from illegal engagements that could otherwise put them in danger of even losing their business licenses.

The information contained within this compliance handbook covers all areas of FCA (requirements). Many of the covered topics include: new business advertising, anti-money laundering, company introduction, conduct risk, data protection, responsibilities of staff, financial promotions, record keeping, customer assets, conflicts of interest, outsourcing, training and compliance, fair treatment of customers, risk assessment, terms of business, whistleblowing protocols, and many more. Those who read, understand and implement the information within this handbook take their enterprises to another level and make them more competitive.

This Template UK Regulatory Compliance Guidebook protects an organisation from (presenting mitigation of) foreseeable exposures with its various stakeholders. It helps firms to respect all UK regulations in the financial services industry. It is a hand-operated worth anyone’s investment especially those considering conducting financial services the UK.

This guidebook was collated and reviewed by Lee Werrell, a Chartered Fellow of the Chartered Institute of Securities and Investments (Chartered FCSI) which is a QCF Level 6 qualification, and he has drawn the documentation together for all to use. Lee has compiled the manual from interpreting the regulators guidelines and experience from creating new banks, advising stockbrokers and fund managers as well as wealth managers and IFAs, CCA transition firms, payment services providers and other financial institutions. Lee has over 28 years experience in financial services and compliance.

Compliance Consultant is among the leading providers of financial regulatory compliance services in the UK. The company values the importance of good governance, best practices and implementation of proper financial techniques that will facilitate compliance to financial regulations among companies. They handle all matters related with FCA regulation and they have a selection of compliance monitoring programs that suit the specific needs of different companies. Their main aim is to improve the position of their clients which is why they use all possible methodologies to serve their clients in the most beneficial way.

Compliance Consultant has a team of certified and dedicated compliance consultants who do everything possible to ensure that their clients get the most effective services. The staff understands the client’s needs first, analyze them and develop programs that will assist them to improve the productivity of their organisations. The financial regulatory expertise by compliance consultants at Compliance Consultant places the company on top as far as FCA projects in the UK is concerned.

Within the variety of services offered by Compliance Consultant are: FCA authorisation applications, governance, including committee terms of reference and compliance manual, crisis management & remediation, compliance remedial work, compliance outsourcing, compliance mentorship program, consumer credit license (CCA), among others. Some of their clients in the UK include: Startup banks, Capital Market Participants, Alternative Investment Fund managers, Stockbrokers, Wholesale Markets, Investment banks, Corporate Finance advisers, and any that may need financial regulatory services.

Compliance Consultant offers 24/7 customer support and are always ready to guide their clients find solutions to their problems. They carry out comprehensive research to ensure that their clients get the best and most updated quality information that will keep them fully informed and make cognizant financial regulatory decisions for the betterment of their companies.

Whatever Way You Review It … It Is A Tough Nut To Crack

Throughout the original journey to the FCA, the transfer of focus was distinctly from being a reactive to a proactive approach. The regulator operates in fact attempting to stop customer detriment before it comes about where possible.

A vital element of the regulator’s attention lies on products hence we have experienced a marked rise in scrutiny paid to product governance and product life-cycle management over the last three years since the regulator started.

A key question firms should really answer is precisely how, thinking of Conduct Risk and TCF, how they will guarantee and can adequately demonstrate they have put the consumer at the heart of their businesses. The FCA expects firms to become efficient in demonstrating this in the framework of all product and related, complimentary or supporting activities. Our company has also noted a large volume of Risk Mitigation Plan requirements concerning product governance, and questioning the robustness of the governance and approval arrangements, suggesting that this has become a potential hotspot for Boards and senior management.

There have already a large number of regulatory developments with this field previously even from the 2013 FCA Risk Outlook that confirmed that a priority to the regulator is that firms design services and products that answer real consumer needs and remain in their future interest. Although the current Business plan for 2016/17 does not spell it out, the firm’s culture and governance, encompassing the overall performance of independent governance committees (IGC’s) is likely to include product lifecycle. Various thematic reviews concerning product, for instance the publication on digital phone insurance, which underline the significance of a product with the FCA and therefore this must be associated with culture and governance, ergo a firm-wide matter.

Whilst we don’t forecast seeing a broad use of product bans, we are observing a greater programme of product governance reviews being launched by the FCA. Additionally it is obvious whenever action is initiated in respect of product intervention by FCA, there will undoubtedly be reputational and commercial impacts, to firms and their culture and overall governance will be investigated.

Actually, such powers will permit the FCA to:

Restrict the distribution and sales of certain product features;
Stipulate that a product is not advertised to some or all specific sorts of customers; and
In possibly the absolute most serious cases– mandate that a product is extracted from sale altogether.

These requirements pose some real demands for firms establishing, managing and reviewing their product governance and life-cycle strategies.

” How Many Holes Exist In Your Cheese?”

Examples of the key questions and challenges include:

Product and Customer Approaches

Have you got appropriately senior and experienced people involved with the setting of product strategy, having a sufficient and appropriate customer-centric approach?
Can you demonstrate that you have appropriately considered the propriety of all distributors for your products and fully understand their actions and are reassured with the customer journey?

Committees To Handle The Product Approval, Review and Governance Process

Can you show a demonstrably suitable balance of committee membership, having a clear and identified “voice of the customer”?
Can you show adequate documented evidence of customer-focused review and challenge?

Suitable Product Development and Approval Criteria

Do your processes and operational procedures produce clear identification of your target market and demonstrable customer needs for each single one of your products?
Are customer risks considered at an appropriate stage and sufficiently early enough during the product development process, including appropriate customer involvement while in the product design process?

Exactly how do you demonstrate evaluation of product-related risks for your customers, for instance distribution strategies, using third-parties, product sophistication or complexity and customer value?

Product Review Processes

Can you be certain that your particular products remain suitable as time passes for your target market and current environment whereby they are sold?

Product Governance

Does your Board demand and receive the right MI to efficiently monitor the product status to enable it to intervene where needed?

No matter what your needs are, we can provide an objective and detailed review of the evidence and assist you in plugging any gaps you may have.

Just call us on 0207 097 1434 or email macairns@complianceconsultant.org