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 to hold webinar to help firms implement new regime

The Financial Conduct Authority recently issued a reminder to firms about the Senior Managers and Certification Regime (SM&CR). In this reminder the regulator has recommended that firms should now be preparing for 9th December 2019, when the new regime comes into effect. In support of firms’ planning for SM&CR the FCA are holding a webinar …

May 24, 2019 at 9:16 am

Retained Provisions of The Consumer Credit Act

Regulation of consumer credit activities has been something of a patchwork. Some elements are still covered by the original Consumer Credit Act 1974. This includes restrictions around broker fees and statutory instruments such as the form and content of credit and hire agreements. In 2014, when FCA took over the regulation of consumer credit, they …

April 8, 2019 at 1:42 pm

FCA Thematic Review of Debt Management Firms

FCA have now published TR 19/1. This is the second thematic review of the debt management sector, including fee charging and free-to-customer organisations. The full report can be found here >> https://www.fca.org.uk/publication/thematic-reviews/tr19-1.pdf Whilst FCA identified that the debt management sector has made improvements there is still a lot of work to do. Listed below are …

March 22, 2019 at 10:17 am

Credit Card Charges

FCA have now publicised a letter sent to all credit card companies. The letter follows their review into credit card fees and charges. The key findings are as follows: Customers who miss a payment are often incurring multiple charges in the same billing cycle – for example a missed payment fee, a bounced direct debt …

March 12, 2019 at 6:04 pm