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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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

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financial promotion

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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