MI, Oversight & Audit

The “Senior Managers and Certification Regime (SMCR)” now means that a firm’s board is ultimately responsible for regulatory performance. The FCA expects senior managers to have sufficient oversight to know that the provisions they have in place are effective in ensuring fair customer outcomes. Where this is not the case firms, and individuals, may find themselves under investigation by the regulator.

Effective oversight of a firm’s regulatory performance relies on adequate and timely reporting. Senior managers need to be able to monitor all aspects of the firm’s compliance. Typical feeds of information will include business volumes and trends, customer satisfaction results, complaints data and compliance monitoring reports.

Management Information should be measurable and analytical. Senior managers need to be able to quickly detect when they have failed to meet regulatory standards. When failings are identified, further information must be accessible from which insights for improvement can be derived.

CCAS can help you build the right management reporting to ensure that you have adequate oversight. We will make sure you include the right feeds on information, combined in a way that helps you to know what is going on and how to rectify issues. We are also able to act as a third line of defence to independently audit and inform regulatory performance, either routinely to assure current operations, or as an important part of due diligence prior to the sale or purchase of a firm.

To find out how we can help you with MI, Oversight & Audit, get in touch with us today by clicking the button below.


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Articles

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 promotion

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