Compliance Consultancy
Compass Compliance provides compliance consultancy to authorised firms on all aspects of the FSA's Reglatory Regime including:
Authorisations and Approvals
Looking to get Authorised? Need a firm to help you navigate your way through the application maze? Compass can help. As well as assisting you with your application, we can provide you with all the documentation you need, as well as on-going compliance support, to ensure that your business gets off to a flying start. We can also address any training needs early on to ensure that all your principals are fit and proper and able to satisfy the FSA's requirements. Contact us with details of your requirements.
General Compliance Support
Compass can provide broad, efficient and cost effective compliance advice and support to your internal function, either on an ad hoc or retained basis. Contact us to arrange a no obligation initial meeting.
Training and competence
The FSA is increasing its focus on the competence of approved persons in firms, especially those who hold a significant influence function. It is more important than ever before to ensure that your staff are on top of their regulatory responsibilities.
You can outsource your entire HR function to Compass if you wish, or we can support you in your quest to ensure that you recruit and retain appropriately qualified and experienced staff. We can advise you on training and development needs and can also conduct mock interviews with candidates whom you are fielding for approved persons status, holding a significant influence function. Contact us with details of your requirements.
Financial promotions/commnications with clients
Ensuring your financial promotions and communications with clients are clear, fair and not misleading is crucial for the success and reputation of your business. Compass can assist you with the design of new promotions as well as reviewing existing material to ensure its compliance with FSA principles. Knowing how to produce balanced promotions, with adequate mention of the risks of a product, service or investment is more art than science, and Compass can offer you valuable support and guidance to ensure you get things right.
Suitability
Ensuring that the advice you provide to clients is suitable for their needs is crucial to the success of your business, and for protecting your reputation. Compass can help you set up appropriate procedures to ensure that your information gathering and KYC systems are rigorous and effective. We can also review existing procedures and make recommendations for change, as well as instructing staff on how to assess suitability correctly.
TCF
The TCF December 2008 deadline may now have passed, but TCF concepts are as important as they ever were to regulated firms. The FSA now expects TCF to be embedded at every level of an organisation. Even if you are not directly retail client facing, you may still have TCF responsibilities relating to products you design for retail clients (that are sold via intermediaries and brokers). Compass can help you design, implement and maintain a successful TCF culture in your firm. Contact us with details of your requirements.
Embedding Principles Based Regulation
The FSA continues to push ahead with its move towards more principles based regulation - but what does this mean in practice? In essence, it marks a move to 'outcomes focused' regulation. In other words, your good intentions and seemingly compliant behaviour pale into insignificance if the FSA find that, in fact, the outcome of your firm's actions is that a customer has been treated unfairly, or your firm has not behaved with due skill, care and diligence. Merely complying with a narrow band of applicable rules is no longer adequate, and firms must take a holistic approach to compliance. The FSA wants to see compliance and a principles based approach embedded at every level of an authorised firm. Compass can assist and advise you in making principles based regulation a reality at your firm. Contact us with details of your requirements.
s.166 Skilled Persons Reports
Compass Compliance has been accepted by the FSA as a 'skilled person' to work on s.166 Skilled Persons Reports. We have particular expertise in areas related to the giving of compliant advice, financial promotions and training and competence, but can also assist with other projects. If you are the subject of FSA supervision, we can help. Sometimes, it's also worth instructing a skilled persons report before the FSA request this, and can improve both your firm's behaviour and reassure the regulator that you take your responsibilities seriously, and constantly strive for improvement. Contact us with details of your requirements.
Expert Witness Services
Compass' Principal, Jane Walshe, is able to act as an expert witness in cases involving aspects of FSA regulation. Jane is well placed to provide a high quality, independent and intellectually rigorous service to clients involved in litigation. Contact us with details of your requirements.
Please contact us for more information about our consultancy servcies.
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