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

FCA Delays the Second Stage of the Implementation of parts of the Senior Managers Regime

On 30th June FCA announced a consultation on proposals to defer the deadline for implementing certain aspects of the second stage of the Senior Managers and Certification regime for solo regulated firms including consumer credit firms. FCA proposes to defer the deadline from 9th December 2020 to 31st March 2021 for: The extension of the …

October 5, 2020 at 11:40 am

FCA Issues draft new guidance regarding the fair treatment of vulnerable customers.

FCA has issued draft guidance on the fair treatment of vulnerable customers for consultation. The consultation period ends on 30th September. This guidance applies to all retail sectors and will be of particular relevance to consumer credit lenders. FCA expects firms to ensure that their employees have the relevant knowledge and skills to treat vulnerable …

October 5, 2020 at 8:26 am

New FCA Guidance on Forbearance during COVID-19

FCA has issued new guidance for lenders on how to treat customers adversely affected by coronavirus. Existing guidance is due to come to an end on 31st October so this new guidance will apply after that date. The guidance relates to customers who: have been granted 2 payment deferrals under the July guidance and remain …

October 5, 2020 at 8:14 am

Why firms need to stay in shape for SM&CR

The end of 2019 was marked for many consumer credit firms by a sprint to the line on 9th Dec. This was when the first stage of the SM&CR implementation was required. With only a short period of recovery firms are starting to think about getting in shape for the second stage at the end …

February 24, 2020 at 3:39 pm