FCA Regulatory Compliance

Financial services are regulated by a number of bodies in the UK. Ensuring you apply to the correct one and have the appropriate permissions to conduct your business, is key.

The Financial Conduct Authority (FCA) covers the conduct regulations of all financial services from investment advice, portfolio management, money services (remittance and electronically held). The FCA also now regulates consumer credit services (including information on credit scoring).  The breadth of potential regulation means that staying on top of changes can be difficult and at times confusing.

The second body now taking responsibility for the regulation of financial markets is the Prudential Regulation Authority (PRA) whose focus is the significant economic dependence on the prudential regulation of banks, building societies, credit unions, insurers and major investment firms in addition to the regulation within the remit of the FCA.

The initial consideration as to whether there is regulation under which you should be governed can itself be confusing and we can provide advice, support and pragmatic commercial responses to the questions you may have. 

We can help you make the appropriate applications to the FCA (and possibly the PRA), if required. Once registered you will want to maintain this position and ensure that all press is good press.  We offer, across the professions, a wealth of experience and knowledge in this area and can be flexible to provide the support you need, tailored to your specific business.

We can assist with regular updates of your documentation, reviews of your systems, controls and performing the necessary checks to ensure that you are compliant both with the minimum requirements now, but also to plan for best practice in future.

Fees for dealing with this area of work vary depending on the complexity of the work being undertaken. 

Services include

• RegData reporting
• Capital Adequacy reviews and monitoring
• Compliance reviews
• Documentation and systems design
• Statutory audit
• AML/Anti-bribery & corruption advice
• Permission variations/application
• Employment agreements
• Property matters