Financial Compliance

The rules around financial compliance have become much stricter over recent years. New legislation has been created to restore public faith in the financial services following a string of high-profile controversies, which means compliance workloads have grown considerably.


The Importance Of Compliance

Today, companies based in the financial sector are expected to monitor and record compliance in great detail, and it’s incredibly important to gain a comprehensive understanding of what is expected of you when it comes to compliance. More and more finance companies are seeking help from outside to ensure they are compliant with legislation such as GDPR and the new Senior Managers Regime, which was introduced to make senior figures within financial institutions and organisations more accountable for their actions. Companies that fail to be compliant with legislation are likely to face substantial penalties.


Outsourcing Compliance

There are many reasons why a company might decide to outsource compliance to an outside firm. The companies most likely to seek help with compliance are small-to-medium firms that lack internal resources. If you are looking for assistance with compliance, it’s essential to gain the support of a trusted company with an exceptional track record that knows the latest legislation inside out. The best and more dependable companies are those that are able to tailor their services towards your specific needs and circumstances.


Reviews For Finance Services

Some companies require a complete overhaul of their current compliance procedures and monitoring. Reviews often include file audits designed to check procedures are being followed correctly, with strengths and weaknesses being identified. Compliance training can also help your team get to grips with the latest legislation. The world of financial compliance and reporting is always changing, so it’s incredibly important to do all you can to keep up to date with what is expected of you. A compliance partner can help you identify potential risks before they arise.


What Is The FCA?

The FCA or Financial Conduct Authority is the regulator for finance companies including banks in the UK. The organisation regulates the conduct of around 58,000 financial services, ensuring customers get a fair deal. The regulator is tasked with ensuring that financial services act in an honest, fair and effective manner so customers receive the transparent, high-quality service that they deserve. The FCA was first established in April 2013, taking over from the Financial Services Authority.


The Role Of The FCA Within Compliance

More than 2.2 million people are employed within the UK’s financial services industry. The FCA aims to protect customers and financial markets whilst promoting competition. Those that fail to meet the expectations of the FCA face considerable penalties, which means it’s essential to seek out help if you are struggling with compliance challenges. The FCA expects you to have clear processes in place and follow them to the letter. Risks to your businesses must be continually identified and recorded, with management decisions being communicated to staff effectively. If you do need help with financial compliance, don’t hesitate to ask for assistance – talk to Redland.

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