Category Archives: CMC

FCA Authorisation Consultant London – CMC CLaims Management Companies


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How Do We Manage Your FCA Application for Authorisation?

FCA authorisation compliance consultants

We manage your regulatory application to the UK’s Financial Conduct Authority (FCA) by setting out a project plan, guiding you through the process and keeping you up to date with all the milestones and timelines involved.

You will have quality advice and assistance at all stages of the authorisation process, which includes preparation, filing and ongoing conduct of the application. We are all professionally qualified and experienced in this area of regulated business.

Our Expertise and Services also include:
  • Advising you on the FCA Regulated activities for which you will need FSMA Part IV permissions
  • Advising you on the different FCA Regulatory obligations specific to your Regulatory Activities
  • Advising you on the FCA Regulatory Capital obligations (the money you need to keep in reserve)
  • Advising you on the FCA competency requirements for senior management and other staff
  • Assisting you in the preparation of your Regulatory Business Plan (or creating one with you for an additional cost)
  • Assisting in the completion of the necessary forms, including ownership disclosure forms and FCA Approved Persons/Senior Management Function Forms
  • Advice on corporate governance, systems and controls
  • Providing you with practical and effective regulatory compliance documentation including required policy templates.
  • Finalise your Compliance Monitoring Programme (and set it up in Pathfinder, our software, if you select it)
  • Liaising with your other advisers and with the FCA
  • Project managing your Firm’s FCA application from start to finish
Additional services also provided are
Preparing your senior management for meetings with the FCA (if necessary)
Arranging for Trademark protection
Total Control From Day One – Pathfinder (our all-encompassing RegTech solution) –  starting your regulated business activities in complete control of your compliance arrangements (includes free trial and training).
Training for all Senior Management and Staff in matters from Senior Managers responsibilities and accountabilities, FCA Code of Conduct, Anti-Money Laundering, Conflicts of Interest, KYC and many others.

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Basic FCA Authorisations Process

    What Does A Regulatory Business Plan Need To Say?

    A Regulatory Business Plan (RPB) Is Your Showcase To Demonstrate Understanding & Forethought.

    The RBP should demonstrate that the targets set by the candidate are realistic, as well as financially and operationally manageable.

    Some fundamental questions that the RBP must answer

    Why you? The RBP could create a poor impression if it does not describe to the regulator its intended market and comparative advantage: whether it would offer something new to the market and the elements of its services/products that would make them stand out from their competitors.

    Answer this – “why are you best positioned to offer and deliver on this proposition?”

    You against the others: A competitive idea and promising business case is backed up with research and facts. This is a challenging part of the project; the candidate’s RBP must demonstrate that there is a market for their products and services, and also be aware of the competition and their expected share in the market.

    Vitally, the RBP must also demonstrate its understanding of the dynamics of the specific market and how the proposed business will meet customer needs.

    Known unknowns: Here, the question is how candidates will approach the problem of partial or unavailable information. Some RBPs are extremely ambitious about their target markets and customers; some others are optimistic as to the costs of running a business, especially operational costs and this may lead to expected costs being presented in a superficial manner in the RBP.

    All projections and estimates must be backed by thorough and trustworthy market research or accurate business information.

    From a regulator’s perspective, stating all the possible expenses and potential financial needs in the RBP provides a useful starting point into assessing business model viability. It also demonstrates that the applicant has a sound grasp of its figures and market.

    A start-up may not have all the information to-hand on day-one when it meets the regulator, but it should have reasonable estimates and a plan of the timeline and actions to get this information and must integrate it into the plan before submitting it.

    New entrants will have to describe in their plan how they will comply with complex prudential and conduct regulations. This is not easy, even the UK’s most established institutions have got themselves into significant difficulties due to regulatory breaches.

    We provide all FCA Authorisation applicants with a template business plan with not only headings, but additionally pointers and ideas of what needs to be involved.

    Ask us for details – complete the form below.




    You May Also Be Interested In;

    What Is A Regulatory Business Plan? Why Is It Important? https://wp.me/p7OMfd-3VP

    Professional FCA Authorisations, Registrations & Licencing https://www.complianceconsultant.org/fca-authorisations-registrations-licencing/

    Compliance Consultant

    ‘Making Compliance Work’

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    Claims Management Companies (CMC) Compliance Procedures and Financial Crime Policy

    regulatory compliance risk management reputation
    Original Post: 12th April 2019. Updated: 7th August 2019.

    Claims Management Companies will need to provide to the FCA, when and if asked, Compliance Procedures and Financial Crime policies.

    We have worked with a number of CMCs and have created the following for your use.

    Contents

    Compliance Procedures Manual – Around 92 pages

    1. Introduction
    2. Your responsibility
    3. Regulatory environment and scope of permissions
    4. Principles for Senior Managers & Certification Regime SMCR) for FCA regulated firms
    5. The Company’s Compliance Structure
    6. Money Laundering
    7. Senior management arrangements, systems and controls
    8. Conflict of Interests
    9. Dealing with Customers
    10. Financial Promotions
    11. Customer Complaints
    12. Training and Competence
    13. Outsourcing
    14. Notifications to FCA
    15. Breach, Discipline and Enforcement
    16. Compliance Monitoring
    17. Data Protection
    Appendix A – Complaints Logs Frameworks
    Appendix B Bibliography
    • Compliance Oversight and the Compliance Function
    • Claims Management Conduct of Business Sourcebook and Client Assets
    • Regulatory Approach to Risk Management
    • Compliance and Ethics
    • Anti-Money Laundering
    Appendix C GDPR Compliance Statement Template

    Financial Crime Policy – Around 16 pages

    1 Introduction To Financial Crime Policy
    2 ANTI-BRIBERY & CORRUPTION POLICY
    3 COMBATING FRAUD – INTERNAL AND EXTERNAL
    Appendix 1: Register of Attendees

    All this from professional compliance consultants for just £450!

     

    Compliance Consultant

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    Claims Management Companies CMCs Compliance Procedures Manual and Financial Crime Policy

    compliance consultants London

    Having worked with a number of Claims Management Companies CMCs in recent days, we are happy to provide the following service to those who have not yet put their Compliance Procedures Manual (around 100 pages) and Financial Crime Policy in place.

    Contact us for details and timescales, but we will make them personalised to your firms.

    Cost £225

    Please complete your details below.

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    Online Senior Managers & Certification Regime Compliance Course Available For Core-Limited Firms

    Why This Course?

    Running Your Own SMCR Preparation Project?

    This course will equip you with everything you need to know and everything you need to do.

    The extension of the Senior Managers and Certification Regime (SM&CR) to investment firms in December 2019 represents a major overhaul of the way in which individuals working within financial services are regulated.

    The new rules increase the number of employees who are subject to regulatory obligations, whilst significantly enhancing the accountability of those in senior management positions. They also impose potentially onerous obligations on firms, from the documentation of management responsibilities to the training of employees on the application of the Conduct Rules.

    We have extensive experience in training senior managers and other staff who are subject to the SM&CR and we have developed a range of training solutions to suit a wide variety of requirements. You will also gain access to a 50% discount in our special offer promotion for a valuable aid to your implementation planning.

    Run by Lee Werrell Chartered Fellow of the CISI and someone with years of experience in implementing the SMCR in the banking and insurance world, you will benefit from;

    • Leveraging the trainers experience with the banking roll-out; we look to unpick the lessons to be learnt for the SMCR extension to all regulated firms
    • Packed with practical exercises to focus on the identification of key employees and what you need to do in the lead in to SMCR
    • Conduct rules; what are they, what do they mean & why do they matter?
    • Walk away with a clear plan of your next steps for your SMCR implementation
    • Includes a Special Offer on Our Popular & Practical Project Plan

    The Course Objectives

    • Review and understand the history to the SMCR and where it came from
    • To know and understand the key employee categorisations within your firm, SMFs, CR, non-approved and ancillary
    • Be able to evaluate your SMFs; who are they and what they need to know
    • Analyse your CPs and define who will be in this category
    • Apply the conduct rules to your firm and your organisation
    • Review the breach process and how to apply within your firm, as well as when and why
    • Know who to train and what
    • Understand the need for accurate regulatory referencing under SMCR
    • Appreciate the need for accurate, effective and reflective governance and how you run your business.
    • Gives You A Unique DIscount Opportunity by a Special Offer on Our Popular & Practical Project Plan

    In Summary

    Originally rolled out to the banking sector in 2016, the Senior Managers and Certification Regime (SMCR) is about to be extended to around 47,000 additional firms.

    Beginning with insurance companies, from December 2018, and reaching asset managers and other regulated firms in December 2019.

    The Financial Conduct Authority (FCA) is tightening up its rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SMCR). The regime has already been operating in the banking sector for some time and will this year extend to all within the financial services sector.

    This change will affect all FCA regulated firms including non-UK firms with permission to carry out regulated activities in the UK, and it will focus on three key areas:

    1. The Senior Managers Regime
    2. The Certification Regime
    3. Conduct Rules

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    The implementation date has been set for the 9th December 2019

    Target group

    • All staff within authorised firms will be in scope

    • Senior Manager Functions (SMFs)

    • Certified Persons (CPs)

    • Non-approved

    • Also strongly recommended for those who will be directly involved in the implementation; Compliance & HR.

    What you’ll learn

    • Overview & journey to the SMCR
    • FCA SMCR Key Features
    • Senior Managers Regime – Explained
    • FCA Certification Regime
    • Conduct Rules – COCON
    • And More….

    Are there any course requirements or prerequisites?

    • UK FCA Registered Individual or Firm

    Who this course is for:

    • UK FCA Sole Regulated Financial Services Firms
    • UK FCA Sole Regulated Financial Services Individuals
    • UK FCA Firm Compliance Directors
    • UK FCA Firm Risk Directors
    • UK FCA Firm Directors
    • UK FCA Firm Compliance Managers

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    Claims Management Companies Need To Be FCA Regulated

    Claims management companies (CMCs), known in the financial services compliance business as “Ambulance Chasers”must summon more than ₤ 7m next year to set up a compliant scheme to adequately satisfy the regulator the sector, the Financial Conduct Authority (FCA) has revealed.

    The sum to be paid in 2019-20, if accurate, is 42% of the total initial cost of assuming responsibility for the sector, which under the Financial Guidance and Claims Act 2018 passes to the authority from the Claims Management Regulator on 1 April next year. In total, the authority will recover an estimated ₤ 16.8 m from the sector by 2021, the regulator projects.

    In a consultation paper published at the end of August 2018 the FCA reminds firms that it is funded exclusively by bodies it regulates; that as a result of the claims management industry’s uncertain foreseeable future it will need money up-front. When accepting new responsibilities, the authority can in some cases defer recovery of the project costs until ‘a substantial body of fee payers’ is in place. The regulator also notes; ‘However, the claims management industry is undergoing considerable change and this uncertainty limits our ability to defer recovery of costs.’

    The shake up to the claims management conditions, notably 29 August 2019 deadline for the submission of cases associated with payment protection insurance,’ might possibly require CMCs to adjust their business models to keep on providing claims management services for consumers, and some firms may exit the market entirely’, it notes. As such there is a risk that project costs might fall disproportionately heavily on those firms that successfully get authorisation.

    ‘It would be unfair for firms which take advantage of the regulatory gateway, but which leave within the first year, to pass their share of the project costs to those firms which continue to be authorised by us,’ the consultation paper considers. ‘For this reason, we have decided to collect a substantial proportion of our project costs in the first year.’ This figure will likely equate to an amount of ₤ 7.1 m in 2019/20, around 42% of the total.

    The proposals are set for a rough ride from the claims management industry. Although a vast majority of the firms are likely to exit the industry in 2019, how will the FCA demonstrate that they understand the industry well enough to regulate the remaining firms effectively? Unfortunately, just as a lock only keeps out an honest man, we could end up with disproportionate costs and infrastructure changes to what amount to be successful, ethical and compliant firms.

    Whenever the CMCs are set to apply for authorisation, there is plenty of help for them to engage with. Compliance Consultant are specialist FCA authorisation consultants and can assist all types of firms get the authorisation process right.
    What Does FCA Authorised Mean?Based on the Financial Services and Markets Act (FSMA) 2000, financial activities are regulated by the Financial Conduct Authority (FCA). Any firm carrying out any regulated activity must be authorised by the FCA, unless they are exempt. On Approval They Are FCA Approved Persons.

    FCA Authorisations are in some cases tricky and can appear very daunting to the newcomer.Compliance Consultant was created in 2000 to assist providers and individuals in their regulatory compliance requirements, here in the UK, EU and Middle East. We are also long-standing members of the Association of Professional Compliance Consultants (APCC).

    compliance consultants London
    Using our application experience developed from the FCA’s Authorisations Team feedback, Compliance Consultant Authorisation Services has succeeded in obtaining authorisation for a large number of clients of all sizes from a variety of fields.

    Why Do They Need Compliance Consultant?In a speech By Sarah Rapson, Director, Authorisations on the 14th March 2018 at the APCC Conference she stated;”Sometimes firms fail to provide information we request, or they provide the wrong information, or over complicate their responses. This could be because they do not understand our concerns or the questions we ask or why we ask them. If in doubt, they should ask us.Similarly, firms can misunderstand what is required of them, especially where there is new regulation, such as PSD2 or MiFID2. Again, they should speak with us if they are uncertain as to our requirements.From time to time we deal with firms that will not engage with us or do so reluctantly; or they address our concerns in part but not fully. In such circumstances we may well conclude that a firm is not ready to be authorised and could not be supervised effectively. My message is simple; firms need to cooperate with us.Sometimes firms apply for authorisation prematurely, before they are ready to demonstrate that they meet the minimum conditions; at very least this will delay our consideration of their applications, especially if they also fail to provide the information that we require. Firms should apply when they are ready, not to secure their place in the queue.Those are just a few examples. But the common theme is that firms that understand what we are trying to achieve through having a rigorous approach to authorisations and why, are more likely to be successful in their applications.”

    The consultation on the proposals runs to 22 October. The FCA will publish a formal policy statement in December, for the rules to go live from 1 January 2019.

    Regulatory Guidance For Claims Management Companies

    claims management company cmc fca regulation authorisation
    Compliance Consultants has solutions for all FCA Authorisation issues

    CMC’s To Get Bill Of over £7M

    Claims management companies (CMCs), well known in the financial services compliance business, must look for more than ₤ 7m in 2019 to put together a compliant scheme to adequately satisfy the regulator the sector, the Financial Conduct Authority (FCA) has revealed.

    The sum to be paid in 2019-20, if accurate, is 42% of the total initial cost of adopting responsibility for the sector, which under the Financial Guidance and Claims Act 2018 devolves the authority from the Claims Management Regulator on 1 April next year. In total, the authority will recover an estimated ₤ 16.8 m from the sector by 2021, the regulator suggests.

    In a consultation paper ‘CP18/23: Claims management companies: recovering the costs of regulation and the Financial Ombudsman Service‘ published at the end of August 2018 the FCA confirms that it is financed completely by the bodies it regulates; and that considering the claims management industry’s unclear future it will need money up-front. Whenever accepting new obligations, the authority can sometimes defer recovery of the project costs until ‘a substantial body of fee payers’ is in place. The regulator also notes; ‘However, the claims management industry is undergoing considerable change and this uncertainty limits our ability to defer recovery of costs.’

    Reforms

    Reforms to the claims management conditions, notably 29 August 2019 deadline day for the submission of cases associated with payment protection insurance,’ may well require CMCs to change their business models to carry on with providing claims management services for consumers, and some firms may exit the market entirely’, it notes. Therefore there is a risk that project costs might fall disproportionately heavily on those firms that successfully qualify for authorisation.

    ‘It would be unfair for firms which take advantage of the regulatory gateway, but which leave within the first year, to pass their share of the project costs to those firms which continue to be authorised by us,’ the consultation document considers. ‘For this reason, we have decided to collect a substantial proportion of our project costs in the first year.’ This figure will certainly equate to an amount of ₤ 7.1 m in 2019/20, about 42% of the total.

    The proposals are set for a rough ride from the claims management industry. Although a vast majority of the firms are likely to exit the industry in 2019, how will the FCA demonstrate that they understand the industry well enough to regulate the remaining firms effectively? Unfortunately, just as a lock only keeps out an honest man, we could end up with disproportionate costs and infrastructure changes to what amount to be successful, ethical and compliant firms.

    FCA Authorisation

    Whenever the CMCs are set to apply for authorisation, there is plenty of help for them to engage with. Compliance Consultant are specialist FCA authorisation consultants and can assist all types of firms get the authorisation process right.
    What Does FCA Authorised Mean?Based on the Financial Services and Markets Act (FSMA) 2000, financial activities are regulated by the Financial Conduct Authority (FCA). Any firm carrying out any regulated activity must be authorised by the FCA, unless they are exempt. On Approval They Are FCA Approved Persons.

    FCA Authorisations are in some cases tricky and can appear very daunting to the newcomer.Compliance Consultant was created in 2000 to assist providers and individuals in their regulatory compliance requirements, here in the UK, EU and Middle East. We are also long-standing members of the Association of Professional Compliance Consultants (APCC).

    Using our application experience developed from the FCA’s Authorisations Team feedback, Compliance Consultant Authorisation Services has succeeded in obtaining authorisation for a large number of clients of all sizes from a variety of fields.

    Why Do They Need Compliance Consultant?

    FCA Authorisation process is often confusing and prone to misunderstanding. Not because the process is flawed, it’s simply that in order to have such a broad reach of all the regulated industries, the rules have to be a little grey and fuzzy. This means application is sometimes challenging and the regulator often seeks for clarity around a business model. Then of course there is a language issue as well. Many of the terms used in regulation don’t always have the same meaning in everyday language.

    This is why you need a specialist adviser like Compliance Consultant.

    In a speech By Sarah Rapson, Director, FCA Authorisations on the 14th March 2018 at the APCC Conference she stated;

    “Sometimes firms fail to provide information we request, or they provide the wrong information, or over complicate their responses. This could be because they do not understand our concerns or the questions we ask or why we ask them. If in doubt, they should ask us.Similarly, firms can misunderstand what is required of them, especially where there is new regulation, such as PSD2 or MiFID2. Again, they should speak with us if they are uncertain as to our requirements.

    From time to time we deal with firms that will not engage with us or do so reluctantly; or they address our concerns in part but not fully. In such circumstances we may well conclude that a firm is not ready to be authorised and could not be supervised effectively. My message is simple; firms need to cooperate with us.

    Sometimes firms apply for authorisation prematurely, before they are ready to demonstrate that they meet the minimum conditions; at very least this will delay our consideration of their applications, especially if they also fail to provide the information that we require. Firms should apply when they are ready, not to secure their place in the queue.

    Those are just a few examples. But the common theme is that firms that understand what we are trying to achieve through having a rigorous approach to authorisations and why, are more likely to be successful in their applications.”

    The consultation on the proposals runs to 22 October. The FCA will publish a formal policy statement in December, for the rules to become effective from 1 January 2019.

    Contact us on 0207 097 1434 to assist with your authorisation.

     

    Template UK Regulatory Compliance Manual

    Some claim that the application for authorisation forms in the Financial Conduct Authority (FCA) require this document, but let us make things clear. A Compliance Manual is not a regulatory requirement, it is however a regulatory expectation. It also helps keep the governance for all staff easy and manageable.

    A Template UK Regulatory Compliance Manual answers all concerns about financial services in the UK. This manual is acceptable for all companies that are involved in the UK financial services industry including payment providers, asset managers, private banks, IFAs, GI brokers, among others. Whether you are UK based or have interest in UK financial industry, this is the manual that will provide you with all-inclusive information for the FCA and other regulators.

    The General Manual contains over 120 pages with each section comprehensively discussed to guarantee understanding from the reader.

    This Template UK Regulatory Compliance Manual has the function of being fully customised to allow users make changes that suit their company. Therefore it is created to enable readers update contents to suit the FCA rules of their. It is completed simple English and may be edited by anyone with simple MS Word skills. The main objective of the template compliance manual is to assist company managers ensure that their company carries out activities based on the UK regulatory financial rules so in order to avoid any friction with relevant authorities. It also protects companies from prohibited engagements that could otherwise put them at risk of even losing their business licenses.

    The information contained in this particular compliance manual covers all areas of UK regulatory requirements. Several 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, among others. Those who read, understand and implement the information in this manual take their businesses to another level and make them more competitive.

    This template UK Regulatory Compliance Manual protects a company from presenting mitigation of foreseeable risks with its various stakeholders. It helps firms to adhere to all UK regulations in the financial services industry. It is a manual worth anyone’s investment especially those considering conducting business in the United Kingdom.

    Compliance Consultant is among the leading providers of financial regulatory compliance services in the UK. The company appreciates the importance of good governance, best practices and implementation of proper financial strategies that will facilitate submission to financial regulations among companies. They handle all matters related with regulation and they have a vast array of compliance solutions that suit the specific needs of different companies. Their main aim is to improve the position of their clients and that is why they use all possible methodologies to serve their clients in the best way.

    Compliance Consultant has a team of certified and dedicated compliance consultants who do everything possible to ensure that their clients get the best services. The staff understand the client’s needs first, analyze them and build programs that will enable them to improve the performance of their businesses. The financial regulatory proficiency by compliance consultants at Compliance Consultant places the company on top as far as FSMA authorisation in the UK is concerned.

    Among the services offered by Compliance Consultant are: FCA/PRA authorisation applications, compliance manual, crisis management & remediation, compliance remedial work, compliance outsourcing, compliance mentorship program, consumer credit activities, call centre audits, and a host of other solutions. Many of their clients in the UK include: startup banks, capital markets, fund managers, brokers, wholesale markets, investment banks, corporate finance advisers, consumer credit Act companies and most others that need financial regulatory services.

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

    Now Available for

    Banks/Investment Firms (General Manual) General Insurers (GI Manual)

    GI Insurance Manual&

    Claims Management Companies (CMC Manual)

     

    For enquiries, readers can use the following media contacts:
    Contact Name: Lee Werrell
    Phone number: 0207 097 1434
    City: London.
    Email: info@complianceconsultant.org
    Website: Template Compliance Manual

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