Regulatory Gap Analysis

The FCA expect firms to assess their regulatory risks and put measures in place to mitigate them. Firms who do not will be exposed and may be subject to FCA enforcement. CCAS can help you to carry out a full regulatory gap analysis to identify weaknesses and strengthen them, so you can continue to do business without intervention.

Compliant firms understand their business

Firms must be proactive in understanding the risks inherent in operating their business and benchmark themselves against FCA guidance and FOS decisions. This gap analysis should reveal where compliance procedures need to be improved and provide the information needed to put things right. This could be in training and performance, standard operating procedures, controls or simply inadequate policy documentation.

A thorough regulatory gap analysis demands knowledge and experience of several specialist areas including regulation, audit, risk management and best operating practices. CCAS is expert in these areas. We can help you identify where you are falling short and provide a clear action plan of what you need to do to safeguard your business from regulatory pressure.

Using robust methods, and our knowledge of how regulation impacts your sector, we can assess your risks, measure and rank them. This evidences that you are taking your approach to risk seriously and helps to prioritise where you should focus your efforts to improve. Where required CCAS can also help you take the next step to implement these improvements in a way that will bring about positive change in the fair treatment of customers.

To find out how we can help you with a thorough regulatory out a gap analysis of your business, 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