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

Motor Finance: changes to rules on commission

We have now reviewed FCA Consultation Paper CP19/28 “Motor finance discretionary commission models and consumer credit commission disclosure”. This proposes a number of changes to CONC rules, some of which apply just to the motor finance sector and others of which apply to all sectors. Equally some of the rules changes only apply to regulated …

October 16, 2019 at 8:51 am

FCA Guidance on Vulnerable Customers

FCA has now issued GC19/03; draft guidance consultation on vulnerable customers. GC19/03 will be subject to a two-stage consultation process the first of which finishes on 4th October. The draft guidance is relevant to all regulated firms dealing with retail customers. Retail customers are those who are acting outside of their trade, business or profession. …

August 2, 2019 at 10:38 am

Can Gabriel be made better?

On 16/07/2019 the FCA published the news that they’re planning to replace Gabriel. Gabriel is the regulators main data collection system. It facilitates the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. Many users will welcome the news. Since it’s introduction in 2008 the system has been plagued with a series of …

July 17, 2019 at 3:02 pm

Why engagement matters for compliance training

Mention “compliance training” to anyone in business and you’ll probably get a roll of the eyes and a deep sigh. And if there’s any suggestion of having to undertake the said training there may even be a feeling of unease. Compliance training has a pretty bad reputation. Traditionally compliance training has been poorly delivered. So …

July 9, 2019 at 3:03 pm