FCA Compliance - Introduction
Complying with the Financial Conduct Authority (FCA) guidelines is a crucial task for UK-based regulated firms. To make this journey more accessible, let's break down the essential requirements set by the FCA in various areas. We'll cover policy establishment, regulatory reporting, governance, customer protection, anti-money laundering (AML), systems and controls, financial promotions, training, data protection, business continuity planning, Senior Managers and Certification Regime (SMCR), and Consumer Duty.
1. Policy Framework: Setting the Rules
Requirement: Firms need clear rules, like how to handle risks, client money, and conflicts of interest. Policies should be straightforward and cover key areas.
How We Can Help: We work together to create and update policies, ensuring they're not just following the rules but also making sense for your unique business.
2. Regulatory Reporting: Being Open and Accurate
Requirement: Sharing accurate reports on time is a must. From transactions to financial positions, firms need to keep the FCA in the loop.
How We Can Help: We guide firms in making reporting systems efficient, auditing internally for accuracy, and staying updated on reporting changes.
3. Governance and Culture: Embracing Responsibility
Requirement: Having effective structures in place is vital. Firms should promote a sense of responsibility across the organisation.
How We Can Help: We embed compliance into your culture, offering training and creating channels to highlight the importance of being responsible.
4. Customer Protection: Treating Customers Fairly
Requirement: Ensuring fair treatment is non-negotiable. Firms should handle complaints well, resolve disputes, and communicate openly with customers.
How We Can Help: We go beyond compliance, helping firms improve customer service through effective complaint handling and transparent communication.
5. Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): Staying Clean
Requirement: Preventing illicit activities is a priority. This involves knowing your customers, monitoring continuously, and reporting anything suspicious.
How We Can Help: We tailor assistance for implementing AML and CTF policies, providing employee training, and using technology to stay ahead of financial crime risks.
6. Systems and Controls: Running Smoothly
Requirement: Firms must have reliable systems, controls, and risk management in place. This ensures smooth operations and resilience.
How We Can Help: Our experts assess and recommend improvements, making sure your systems align with regulations and industry best practices.
7. Financial Promotions: Playing Fair
Requirement: All promotional material should be fair, clear, and honest. Firms are responsible for what they say to the public.
How We Can Help: We work with compliance and marketing teams, ensuring promotions are not just compliant but also clear and fair to customers.
8. Training and Competence: Empowering Teams
Requirement: Employees should have the right skills. This involves ongoing training and regular assessments.
How We Can Help: We customise training programs, use assessment tools, and ensure that your team is not just trained but adaptable to changes.
9. Data Protection: Keeping Information Safe
Requirement: Protecting customer data is a must. Firms need to use measures like encryption, access controls, and proper data management.
How We Can Help: We offer guidance on data protection policies, conduct regular reviews, and help firms stay on top of changes in data protection rules.
10. Business Continuity Planning: Ready for Surprises
Requirement: Firms need plans for unexpected events, ensuring they can keep going even when faced with disruptions.
How We Can Help: We work on business continuity plans, run tests, and plan for different scenarios to make sure your business is ready for surprises.
11. Senior Managers and Certification Regime (SMCR): Individuals in Focus
SMCR Requirement: SMCR requires firms to define responsibilities, assess fitness, and set conduct rules. It's about individual accountability.
How We Can Help: We guide firms in understanding SMCR, defining responsibilities, and making sure processes are in place for ongoing compliance.
12. Consumer Duty: Putting Customers First
Consumer Duty Requirement: Consumer Duty is about ensuring good outcomes for customers at every step. It's about fair treatment throughout the customer journey.
How We Can Help: We help firms understand and meet Consumer Duty requirements, ensuring policies align with the duty to provide good outcomes and fair treatment.
About Buckingham Capital Consulting
In the ever-evolving world of FCA compliance, Buckingham Capital Consulting stands by your side, offering guidance and practical solutions. Our experienced professionals help you not only meet regulatory requirements but also gain a competitive edge in the market. Compliance is not just a box to tick; it's an opportunity to build a resilient and responsible business in the financial services industry.
Buckingham Capital Consulting is a leading regulatory consulting firm, guiding financial institutions through the intricacies of FCA compliance and regulations within the UK financial services sector. Our seasoned team of experts, specialising in regulatory compliance and risk management, is dedicated to assisting firms in navigating the complexities set forth by the FCA and the Bank of England.
For more information, feel free to reach out to us at 020 7866 2512, email us at info@buckinghamcapitalconsulting.co.uk, or explore our offerings on our website at www.buckinghamcapitalconsulting.com.