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

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

Ready, Set … Go

The consumer credit sector is now under starters orders for SM&CR. In less than one month the first stage of the new Senior Managers & Certification Regime will start. Firms should now be set and ready to go. Here is just a brief reminder of what happens and how firms need to be ready on …

November 12, 2019 at 11:37 am

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