​Retainer services for ongoing compliance support
COMPLY – is our ongoing retainer based service. If you have no in-house expertise, we can assist you in running your in-house compliance monitoring programme, providing you with periodic risk-based compliance reports focused on specific areas of the business, as well as any other ongoing advice or compliance assistance required.
If you already have in-house expertise, this can compliment your existing team, and we can take as much or as little involvement as you want. We generally favour a proactive approach where we visit your premises on a routine basis, to discuss any new regulatory developments, your business in general, and the items to undergo a compliance review and report. The reports delivered to you on a regular basis make sure that you are aware of the lie of the land in terms of compliance within your firm. Where any mitigating action is required, we can recommend appropriate remedy, and also execute this where desired.
This service is completely scalable, and can be for as little as one day a month. Where an ad-Hoc project arises, depending on its specific nature, we can action this within the retainer of COMPLY.
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COMPLY incorporates telephone and email support and a specified number of days on-site (or dedicated off-site, depending on your requirements). For firms with low requirements who need less support than one day a month, we are able to provide a reduced retainer service to suit their compliance needs.
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Not only will your firm benefit generally from our advice and direction, we will help you pro-actively implement changes needed to bring the business into line with a slew of recent and upcoming law and regulation, including the General Data Protection Regulation (GDPR), MiFID II, and the FCA's Senior Managers and Certification Regime (SM&CR).
In summary, FinTech Compliance will be there for you when you need us most.
Project Activities
Conducting an initial compliance review
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Firstly, we will conduct a deep-dive assessment of your company's compliance with all applicable FCA regulations. We will work out where your current procedures are sufficient and where they require more work. This will be fed into our modular Risk Based Compliance Monitoring Programme, which will detail all the rules your business is subject to and the process we carried out in carrying out the audit.
Implementing a programme of remedial work
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Following the completion of the compliance review we will come up with a schedule of action which identifies any areas that will need to be improved to bring your business up to speed with current regulation. We will pro-actively conduct this remedial action on your behalf, actively drafting any new policies and procedures needed and keeping senior management fully informed of developments.
General compliance work to maintain your status
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In addition to the review and schedule of remedial work outlined above, we will ensure that your regulatory status is maintained on a day-to-day basis. We will assist you with the completion of regulatory reports to the FCA and manage the Approved Person process, ensuring outgoing staff are removed from your public register in the correct way. Should the FCA get in touch with your firm, we will help you put the correct responses together.
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Preparing for upcoming and recent regulatory changes
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The face of regulation and compliance is ever evolving. Each year we see the implementation of major regulatory and legal changes across the financial sector. To ensure your compliance is always up-to-date we will conduct regular scoping activities and put in place appropriate policies and procedures to ensure you are full compliant.
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Telephone and email support
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In addition to the specific projects and work outlined above, under the terms of COMPLY we are always on hand to offer general advice and assistance on compliance matters. Perhaps you want to explore a new business line, or partner up with another company? Maybe you are unsure of what your permissions allow you to do, or you don't understand how a competitor seems to be getting away with something you thought was forbidden? Whatever the issue, if it involves compliance, FinTech Compliance would be delighted to help.
Retainer Services FAQ
Why does my firm need retainer services for compliance support?
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Financial laws and regulations in the UK are constantly changing.
Just because you’ve met your compliance requirements one year, that doesn’t mean you’ll meet them next year – or even in three months’ time!
Keeping track of these changes and implementing new policies to account for them in your complex web of financial activities is tough. That goes double when you’re also trying to run an efficient and profitable business.
Our retainer services for compliance support take the stress and pressure off your shoulders, allowing you to focus on more immediate business activities. We can assist your in-house team or even take action on your behalf to ensure your firm stays up to date with current regulations.
With our regulatory experts supporting your business, you can have full confidence that your business is meeting its compliance needs.
What is a compliance monitoring programme?
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A compliance monitoring programme is a set of actions that your firm follows to ensure its continued compliance with applicable regulations. Your firm must submit a compliance monitoring programme as part for your FCA application for authorisation.
The programme must lay out what the compliance oversight official and their staff will do to ensure they comply with the FCA’s rules and guidance, including:
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What checks will take place
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How often they’ll take place
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Who will conduct the checks
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How checks will be recorded
What FCA regulations apply to my firm?
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The FCA Handbook outlines all the rules and regulations that financial firms must comply with, including guidance on how to meet them.
Many of these regulations apply to all financial firms. Others only apply to certain industries.
It’s your responsibility to identify which regulations apply to your firm and ensure they’re met.
This can be very challenging for those without a strong background in financial regulations, particularly in the growing FinTech industry.
By working with the regulatory experts at FinTech compliance, you can ensure all regulations applicable to your firm are identified and met. That means you can achieve FCA authorisation and carry out financial activities legally and securely.
As part of our retainer service, we use a modular risk-based assessment compliance program to track which rules your firm must comply with. This allows us to ensure compliance on your behalf and respond to regulatory changes quickly.