Retained Services for FCA Compliance Support

18 June 2020

In a changing and challenging regulatory environment, and even more especially during the current COVID-19 crisis with all the challenges it has brought us, it is business critical for any regulated company to be confident of its compliance with the regulatory requirements. You need to be compliant with all regulatory requirements, and you can only achieve this with the right specialist knowledge and support.

Regulatory changes are happening all the time. For example, over the past few years MiFID II, PRIIPs, the 2nd Payment Services Directive, the 4th and 5th Money Laundering Directives, GDPR, the Senior Manager’s & Certification Regime and even Brexit have all been introduced, making it very difficult for a business to have all the up to date processes and the expert knowledge needed. The FCA’s regulations are being amended and updated during the COVID-19 crisis, and you need to ensure that you are complying with them.

You need to be confident that across all areas of regulation you are complying fully with all the relevant regulations. We can help you. You can rely on our “Retained Services” to give you with the level of support and expertise as and when you need it.  And you can be assured that our services can be provided entirely remotely, removing the need for face-to-face visits while we are all affected by the COVID-19 restrictions.

Our “Retained Services”

Depending on the size, nature and needs of your business and your compliance resources, we can tailor our services and input from support for your compliance function to acting as your outsourced compliance team. We have three typical packages differing in terms of monitoring frequencies, but each of the following core services is available on a bespoke basis to suit your needs.

  • An Initial regulatory healthcheck and triage
  • Assistance with your Compliance Monitoring Programme (CMP)
  • Preparation and maintenance of your ICAAP
  • Production and maintenance of policies and procedures – for example, Compliance Manual, T&C, financial crime policies
  • Regulatory reporting
  • Access to telephone and email support to deal with ad-hoc queries
  • Training
  • Thematic reviews
  • Ongoing regulatory horizon scanning

How we will help you

  • You will have access to a dedicated team who will develop an understanding of your business so that advice given can be tailored to your specific business.
  • You will get an expert perspective on the areas of focus and priority from the Regulators.
  • You will receive the level of support that is right for your business and be able to change it when your needs change.
  • Your Compliance Monitoring Programme can be created, updated, reviewed and implemented, depending on your needs. Our in-house developed compliance software produces a suite of MI that can be tailored for your needs.
  • Continuous feedback and reporting; you will always know exactly where you stand with tailored dashboards and reports for your compliance officer or even an assurance report for your board.
  • You can also access our regulatory training, both as free refresher training modules as part of our core service and to specifically address any specific knowledge gaps.
  • Choose our Flexible Support account which gives you an allocation of resource hours that you can use for any of your regulatory needs from ad hoc questions to policy updating.
  • Avoid getting caught out by regulatory change with our horizon scanning and planning support.

The current working restrictions brought about by the Coronavirus outbreak will also create further challenges around how any outsourced or co-sourced compliance resource can be provided - our team can work effectively at a distance using our secure document portals and in-house monitoring software.

Why BDO?

Our clients choose us because they value quality, flexibility, technical expertise and working with people who take the time to understand their business and their ambitions. They benefit from working with the fifth largest global Professional Services firm, with access to wider services including cyber, accounting, tax, corporate finance, internal audit, restructuring and external audit both in the UK and across the globe.

If you have any questions, do get in touch, and we would be happy to have a conversation.

Download our Retained services offering brochure and our Rhiza brochure below.