The Financial Conduct Authority focuses on tackling market abuse and prioritising consumer rights. They have a wide range of powers, which include criminal, regulatory and civil. These empower them to take action against firms which do not meet their standards.
This means individuals and firms who do not meet them can expect fines, suspension and prosecution.
Maintaining compliance is therefore essential, and here we have some tips to ensure you meet those requirements.
Understanding the FCA Requirements
Once registered with the FCA it is important to keep abreast of any changes which the authority has introduced. Make sure you are up-to-date with FCA announcements and familiar with their handbook, which describes expectations.
Using FCA compliance consultants is a good starting point, and you can find them online at sites such as www.adempi.co.uk.
Establish a Culture of Compliance
Senior managers have a significant role to play in compliance with FCA rules and may ultimately be held responsible for any failings within the firm. Ethical and cultural aspects of corporate governance are key to compliance, and board members are responsible for creating the atmosphere within the company to ensure employees follow the guidelines created by senior members of the organisation.
A good communications structure will help to ensure this is the case, making sure information and updates are shared at all levels of employment. Training programmes and software updates can make sure compliance outcomes meet the required levels. The FCA assumes that compliance is a moral requirement, and the company’s structure should reflect this.
Prioritising Customer Feedback
The FCA focuses on how customers and consumers are treated. Consequently the feedback which the business gives to customers is key to meeting the obligations which the FCA places on companies. One of the issues which the FCA may look at is how much training is offered to staff to ensure that when dealing with customers complaints are taken seriously.
Ensure You Are Always Upskilling Staff
Firms will only stay compliant with the FCA if they keep staff fully informed of regulatory changes. This will enable them to deal appropriately with consumers.
