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 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FCA has issued draft guidance on the fair treatment of vulnerable customers for consultation.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