FCA or Financial Conduct Authority is an independent body in the United Kingdom which regulates the financial activities in the financial services industry. Its functions include regulating financial services provided by firms to consumers and maintaining the integrity of the financial markets in the United Kingdom. FCA has required financial firms to follow a set of regulations in order stabilize the financial market in the UK. Many companies have chosen to hire a compliance consultant in order to help them manage the compliance. Just how important is an FCA compliance consultant for your business and more important a compliance firm?
- Initial Risk Assessment – A compliance consultant will provide an initial risk assessment after evaluating the current compliance procedure of the company. This will help the management to get a clear picture on where their company stands in terms of FCA compliance.
- Business Development – Not all companies have set their business in accordance with the FCA regulations. The development of the business might be halt if the business practices of the company violate the FCA regulations. Compliance consultants will help prevent such undesired event in order to ensure continuous business development.
- Help With Procedures – FCA compliance consultants will not only provide an initial assessment for the company but will also contribute in developing proper procedures in compliance with the FCA regulations. They will then conduct a regular evaluation which could be monthly, quarterly or annual assessment in order to check if the procedures contribute to the development of the company or if some of these procedures can be refined further.
- File Audits – Financial statements are also required from the company to submit to the FCA. Compliance consultants can help organize and file audits that follows the guidelines set by the Financial Conduct Authority. Their assistance could help complete the task faster and free from errors.
- Technical Support – A compliance consultant can also provide technical support to the company in case necessary or if included in the contract. This will serve as an insurance for the company in case there are areas that the company had trouble dealing with.
- Training – A compliance consultant will not only help the company to comply the FCA regulations but also train company employees or managers to handle the compliance policies appropriately themselves. Compliance consultant firms provide intensive training to make companies independent in managing financial audits and meeting compliance requirements.
Though an FCA compliance consultant is important for your business, it is crucial that the company have complete control over firm and handle the important aspects in compliance. This will ensure that the audits and financial statements are correct. Compliance consultants will only serve as guide and assist the company to meet FCA requirements and regulations.