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Regulatory Compliance

Depending on your business you may come under a whole host of different compliance rules and regulatory bodies. You may be operating in an area that is subject to both UK regulation and EU regulation for example.

You may be operating from further afield but wish to expand operations into the UK or EU zones. Every company is different and has its own regulatory challenges, at London Compliance Solutions we understand how complex regulation can be, so our aim is to make it simple for our clients.

Risk Policies

SYSC (Senior Management Arrangements, Systems & Controls) covers your company’s internal processes and arrangements. It also covers your risk management strategies and protocols.

Risk policies by and large deal with operational risk, although they can sometimes overlap with prudential risk. At London Compliance Solutions we will look at how risk affects your business from the day to day operations to how your company interacts with clients and the wider market. We examine products and business models to establish if you are exposing yourself to adverse risk, and if you are, we help you understand the risk and provide a solution to the problem.

Part of our compliance procedure is to empower clients with the knowledge they need to be able to function without us, many compliance firms simply tell clients what to do, our belief is that by educating today, you can make the best decisions tomorrow.

SYSC looks to afford clients the best possible protection from adverse risk and London Compliance Solutions has worked closely with a large number of companies to implement more robust and actionable risk management policies.

Employment Conditions

SYSC deals predominantly with senior management, but it does filter down to lower level staff members. Requirements include employee competency and how well the capability of a candidate is assessed before employment. Beyond that there are ongoing training requirements to ensure that individuals continue to operate within a safe remit and have a detailed understanding of their role and responsibilities within your organisation.

SYSC is wide reaching and can even include how employees are remunerated for their work, this particular area is often a very sensitive one, requiring delicate handling and careful interpretation of relevant legislation.

General SYSC Requirements

As well as intensive assessment around risk mitigation we will also scrutinise general SYSC requirements to make sure your company is meeting all if its general obligations. This means understanding who is running the company, who has responsibility for what, and how auditing is carried out and monitored. Specifically, something that falls under the FCA compliance remit, you must be able to demonstrate that operational standards are being met and adhered to.

This includes companies operating in the UK but may be based overseas. Compliance is an international language, often without borders.

At London Compliance Solutions we pride ourselves on having helped clients from all corners of the globe in a diverse range of industries. We have consulted with financial institutions, brokerages, payment institutions and even banks and building societies to make sure that their internal SYSC measures are effective.

FCA Compliance: COBS Conduct of Business Standards

If you are operating in the UK it is extremely likely that you will need to be authorised and regulated by the FCA. They have outlined a comprehensive and detailed framework for companies in order for them to operate fairly and safely. The FCA compliance handbook outlines exactly what the FCA (regulator) expects of businesses, these guidelines can be a little difficult to digest at times, with jargon and terminology specific to the FCA.

It is vital that as a company you are interpreting these rules in the correct way. A “translation” issue will not be a viable defence for failing to function in the prescribed manner. A great example of this language challenge is the term “Conduct”, ascribed many different definitions throughout the source material and sometimes difficult to discern which definition is meant. Often a discerning eye is needed to draw upon knowledge from the FCA handbook and relevant legislation to understand the exact meaning. These crossovers occur frequently, and companies have been penalised in the past for misinterpreting a seemingly ambiguous rule.

We review your FCA compliance and make sure that you are avoiding any of the potential interpretation pitfalls. Our industry expertise has been accumulated over many years and honed to perfection with a close working partnership with the FCA.

Prudential Standards

Depending on your business, there may be overlap between FCA regulation and meeting prudential obligations. These often arise because the legislation overlaps between the 2 regulators and is intertwined. Given the enmeshment of financial compliance requirements it can often be a tricky maze to navigate but with our help you will do it successfully and with ease.

London Compliance Solutions boasts a diverse range of individuals from a wealth of different compliance backgrounds, meaning that we cover the complete regulatory spectrum.

To find out more about how we can help you, get in touch now.