Just as you may service your car every year to ensure it is working efficiently, our Annual Compliance Healthchecks help ensure your regulatory procedures are operating smoothly.
Designed to be very similar to an FSA Supervision Visit, our Healthchecks serve as an ideal rehearsal for the real thing.
What areas will we check?
Areas reviewed during a Compliance Healthcheck include:
- FSA correspondence file
- Compliance Procedures/Manual & Compliance Plan
- Systems and controls
- Training & Competence Procedures & Records
- FSA Reporting including completion of the RMAR
- Anti-Money Laundering Procedures
- Registers reviewed include:- New Business, Material Breaches, Replaced Policies, Execution Only etc.
- Recruitment of Advisers, those in Controlled Functions and the appropriate records
- A high level assessment of Financial Promotions activity
- Complaints Procedures and Records
- Accounts and accounting records
- Appointed Representative and Introducers Agreements and monitoring processes
- Risk Assessment and Monitoring Plan
- Professional Indemnity Insurance
- Data Protection and Consumer Credit Licenses
How does it work?
One of our highly-trained Compliance Consultants will come and visit you at your business premises and will spend time reviewing your compliance arrangements. They will consider the key risk areas in your firm and make recommendations in how to mitigate any identified risks.
Verbal feedback is given on the day but is followed up by a very detailed report, which highlights all the areas reviewed and gives recommendations and solutions for any action necessary should we identify something that might concern the FSA.
A detailed Action Plan is also provided, which you can use as a tool to record the completion of any such remedial work.