Expert Advice & Interim Resources
The Regulator recommends that consumer credit firms have appropriate compliance expertise. Not only does this help firms to put the right regulatory safeguards in place but also supports them through periods of regulatory intensity. The FCA will take a dim view of breaches that have resulted from a failure to employ the right skills.
To ensure compliance, firms need to ensure that they have the capability and the capacity to manage regulation; and keep up with change. A firm’s compliance resource will depend on the nature, scale and complexity of its business. For smaller firms it may be more practical to outsource through a specialist provider as required. Larger and more complex firms will have greater demands and are likely to need a full-time compliance function. Firms who rely on a low level of non-specialist knowledge, or who fail to dedicate sufficient resources to managing regulation, are unlikely to achieve satisfactory standards.
Whatever your business looks like, CCAS has the capability and experience to fulfil your needs for compliance expertise and resources. We can act as your retained expert, calling on us when you need to for advice, training or to support you with FCA reporting and liaison. We can also offer a recruitment service for appointing permanent compliance managers and for resourcing larger interim teams should you need to carry one-off projects.
To find out how we can help you with compliance expertise and resources, get in touch with us today by clicking the button below.
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Are You Ready For SM&CR?
The Senior Managers and Certification Regime (SM&CR) is the most powerful financial services regulation to affect the consumer credit sector. Individuals will now be personally liable for their professional conduct and that of the people they manage. The regime applies to nearly 47,000 UK firms, impacting their processes, culture and governance; with the main aim …
January 29, 2019 at 12:13 pm
Dear CEO: Financial Promotions
FCA has issued a ‘Dear CEO Letter’ to all firms relating to the statements made about the regulatory status of their activities. In some cases firms have suggested incorrectly that non-regulated activities are regulated and with scope of FCA. This is particularly relevant to motor finance firms where regulated services, such as leasing, are advertised …
January 14, 2019 at 12:02 pm
Financial Promotions Failings Loom Large
In two successive regulatory round-ups, FCA has highlighted the importance of CONC3 rules on financial promotions. While this has been directed at certain sectors, the regulator has the same expectations of all. In November the FCA regulatory round-up included a reminder to Motor Finance Firms. “Our Financial Promotions team has intelligence that some motor finance …
December 19, 2018 at 10:38 am
FCA Senior Managers and Certification Regime – 3.0 From the UK with Love
Introduction The SM&CR was developed as a result of the 2008 financial crisis and the outcry from the public following its perception of the lack of accountability and punishment of those running and controlling the banks and other financial sector firms, whilst by way of the ripple effect, the public paid the economic price for …
October 30, 2018 at 4:14 pm