Tag Archives: regulatory compliance manager

Regulatory Complaint Handling & The FCA

Regulatory Complaint Handling & The FCA

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The FCA’s complaint handling requirements and the Financial Ombudsman Service (FOS)

The FOS is an independent adjudicator of consumer complaints linked to the supply of finance.
Firms must have their own internal complaints handling procedures and comply with rules (set out in the DISP chapter of the FCA Handbook) which set out timescales within which responses to complaints must be given to customers. The firm must have an adequate regulatory complaints policy and procedures as well as effective means of recording their categories and responses in a compliant way.
If, at the end of a firms internal complaints-handling process (generally eight weeks), the customer remains dissatisfied, they have the right to refer the complaint to the FOS for adjudication and resolution. FOS’s decision is not binding on customers, who remain free to pursue their complaint in the courts if they wish: the decisions are however binding on firms and FOS can order firms to take corrective action and where appropriate pay redress up to £350,000.
This was increased from £150,000 on 1st April 2019. The increase only applies to complaints referred after 1st April 2019. For complaints referred after 1st April 2019 about earlier complaints, the limit increased from £150,000 to £160,000.

If you need to create, review or execute your Governance. Risk or Compliance strategy, call us today on

0207 097 1434 or email info@complianceconsultant.org.

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This guide is only an aide memoire and intended for information only for anyone appraising the documentation needed in an audit/compliance check. It is not to be considered as direct advice or intended to replace specific 1 to 1 engagement with your compliance and risk professional.

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

So Remarkably Simple, Yet Detailed and Thorough Compliance Risk Management Reference System

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Remarkably Simple Compliance: How Are You Impacted?

compliance-risk-management-mapping-fca-fsa-rules-regulations
An indispensable step for any Compliance Officer is the identification of your business departments and the impacting regulations.

With an increasing amount of regulatory bodies, the changing regulatory scenery and recently the Senior Managers and Certification Regime (awaiting further consultation), putting managers directly in the firing line, risk and compliance functions are really feeling the pressure to ensure they are completely knowledgeable about what their firms must do to manage compliance.

Nonetheless, if you picture providing the optimal compliance service that is practical to your firm each and every single day, then you must understand how and where your firm stands. The primary step is identifying the high-level activities and must now tease out the more detailed aspects and duties of being a Compliance Officer.

To undertake this you could take a ncompliance-risk-management-function-consultant-consultancyew notebook and address the following rough sections;

  • Each entity within your group including appointed reps, introducer appointed representatives or other subsidiary or joint-venture partners that your firm may have taken part in business with;
  • Each business unit and support sections within each entity;
  • If a group, what are the distinct reporting lines and what differences/similarities could there be?
  • External suppliers including anything that maybe outsourced from IT to Para-planning, Legal to Banking;
  • The regulatory legal system where you are operating, for most this will be the UK and at most Europe nevertheless many firms today offer offshore investment services.

The Detailed Rules Mapping
Now to the details and heart of the matter. If you get yourself a spread sheet with the column titles referencing the handbooks starting with SYSC, COBS, BIPRU, INSPRU, etc. and with rows complete the titles of functions including trading desks, middle office, settlement and other areas of activity. For retail distribution perhaps its, life sales, pensions sales, investment sales, mortgages etc. across the top. Your grid will soon materialise. From this basic grid you can identify where the relevant handbooks would link with your firm and those who run it, and if it is not applicable, note why not.

compliance-risk-management-consultancy-fca-pra-specialist-expert-regulatoryThere is, needless to say, a need to understand business units in your very own firm whether these units take the form of sales teams or expert areas with their own specific advisers you will obviously want to understand certain basics alongside the above;

  • senior management compliance concerns
  • specific product services or functions
  • the main activity for income generation
  • anything considered as a unique selling point
  • any point of sale or post sale documentation used if different to the principal
  • target client base or segment
  • methods of advertising and marketing
  • IT systems
  • most valued clients
  • top deals of the previous 1 Year
  • complaints.
  • obstacles.
  • governance; policies and procedures and how they may differ to the principal.
  • conflicts of interest, regulatory issues in the last 1 Year, risks, regulatory contact the last One Year.
  • any major transformations in the last 12 months; and.
  • Any major updates planned for the next One Year.

At this stage it may also be worth considering risk management and mitigation programs to be carried out for each legislative section you may have responsibility for within your firm. You might like to consider covering the broad list below;.

  • Specific responsibility if the need is for anybody apart from the compliance officer.
  • A gauge or measure somehow of how the firm is influenced by this legislation and particularly the sub-parts affected.
  • What you think about the key risks to be.
  • The controls you have identified in relation to each risk.
  • Any weaknesses in the control framework that may must be addressed; these may possibly be risk rated.
  • An action plan prepared and designed to address any weaknesses that you may have uncovered in your investigations. You should without a doubt ensure that you record and track progress regularly.
  • A review frequency for when you are planning to revisit your current findings. More complicated areas are probably to need a more frequent visit.
  • The overall risk rating you apply to this specific area of legislation and this should take into account the seriousness of penalties or frequency they are imposed by the regulator.

compliance-consultant-risk-management-fca-rules-mapping-praWith the application of the Regulatory and Risk Based Footprint Mapping, in addition to the Compliance Consultant Charting Tool, it is easily demonstrated where the regulatory component requirements impact your firm at differing levels within your organisation. The impact is identified, mitigation measures implemented and controls recorded for future inspection, reference or supply to the regulator on demand.

Your Fully reportable database of’ regulations to operations’ will give you fast access to any segment of regulation ensuring that you always have a clear understanding of all your obligations, mapped activities and ownership. A vital compliance tool that ensures Senior Management not only sleep at night but they are comforted that they are “Making Compliance Work”.

Its not all child’s play, but it can be made simple by using the right consultancy!

Ask us for details at info@complianceconsultant.org go to our website http://www.complianceconsultant.org

or call us on

0207 097 1434