TIPS for REGULATORY INVESTIGATION

Financial regulation,Financial industry regulation

In the last months the FCA has assisted all regulated businesses also by adding further clarity to their intentions going forward. The FCA newly regulated Credit Consumer section has also added to this clarity with a set of improvements on their recommendations and adding a series of clarifications.

Further the FCA has also improved the online portals, easing and reducing the time for any request to be dealt with. But has enough been done? The headlines are still grabbed by sanctions in the millions imposed to companies for not having respected the regulatory framework.

In any regulated environment the detail of the rules applicable is often overwhelming. The FCA is no different. In addition the CMA (Competition and Market Authority) is also trying to analyses the evolution of the Financial regulation and the modus operandi of its key players, often recommending actions to be harmonized with the FCA recommendations. All in all things are getting better, though it may not feel like it.

The obstacle for us in building the FCA is to use the full range of our powers under the new legal guidelines to make financial markets work well, so that absolutely everyone can use the UK's financial services with renewed confidence. This is your chance to explore an exciting range of career prospects creating an environment encouraging of good conduct but where incentives and options for bad behavior are low and potential costs are higher.

FCA Assist has found that the Authority part of the FCA is often promoted and the Conduct part of it may be underestimated by regulated businesses. As Financial Conduct Authority FCA Assist communicate daily with the FCA and CMA and assist regulated businesses when dealing with investigations assisting them presenting and compiling all relevant files for submission and liaising with the authorities on their behalf.

Based on their experience they have found out the following top tips to survive a regulatory investigation.Make sure

1. You define your business model with clarity and precision

2. You stick to it in your daily business, in a consistent manner

3. You are clear and not misleading in all your correspondence to your customers

4. You are very clear on any fee you charge

5. You have a reason for charging a fee

6. You are prompt and accurate in dealing with the investigation

7. You have clear and accessible guidelines for customer complaints and you obey by them

8. You consider time of the essence

Whether it is training for your organization to understand and work within the UK regulatory requirements, or being a partner with your company and assisting with your day to day business needs through our consultancy approach, FCA ASSIST are the right partner to ensure you can focus on your business, safe in the knowledge they are there for you.

AUTHOR

FCA Compliance Consultancy working with small and medium-sized General Insurance Intermediaries and companies to assist them in meeting their FCA regulating compliance responsibilities. Members have access to our compliance Helpdesk and a wide range of step-by-step and letter templates, and receive regular visits from a consultant who has, in-depth knowledge of FCA regulation.

ADDRESS

113a Jermyn Street
St James,
London
SW1Y 6HJ
ENGLAND

+44 02070788866

contactus@fcaassist.co.uk