For directly authorised firms (or those seeking to become directly authorised) we provide a complete Compliance Support Package.
If you are not already authorised and regulated or registered with the Financial Conduct Authority (FCA), we will handle all aspects of the application process on your behalf. This includes advising on the necessary permissions for your business model, and then drafting the necessary plans, policies and procedures as well as completing all the requisite application forms. Furthermore, we will advise you, and where appropriate liaise with the FCA, on each stage of the application process, to ensure a swift and simple approval process. All stages of the process will be completed with full disclosure and consultation with yourselves.
Financial Services Register
If you are already registered with the FCA, we will ensure that you have the correct permissions to provide the products/services you offer. In the event of you lack a permission or having irrelevant permissions (which may increase your FCA fee as well being in breach of the FCA Rules), we will update the register accordingly by way of a Variation of Permission.
Standing Data Check
We will ensure that the data the FCA hold in relation to your firm is accurate and up-to-date. In the event of the FCA holding inaccurate or incomplete data we will inform the FCA on your behalf.
We will ensure that you have all the requisite Companies House and Company setup documentation and will draft appropriate structure charts individualised to your firm. We will create a Compliance Business Plan which will cover all the key necessary aspects of your operations as expected by the FCA as well as providing a basis for your financial forecasting.
- Data Protection Licence: We will guide you in completing the application and will provide renewal reminders as and when appropriate. (We can also complete this on your behalf by special request.)
- Insurance Policies: We will ensure that you have the necessary insurance coverage in line with your statutory and regulatory requirements and ensure that this is renewed when necessary.
We will help you with the complete structure and maintenance of your Contractual obligations. Largely in relation to your employees, (as well as with regards to Partners, Introducers, AR’s etc.), we will ascertain that you hold the required information for your staff including appropriate KYC, and that they have agreed to and signed the declarations related in line with their positions and your Company procedures. We will also provide contract templates and help with auto-enrolment where necessary.
- Company Plans: We will ensure that you have all necessary plans in place, relating to Compliance, Training & Development and Disaster Recovery. Our service includes the ongoing maintenance and updating of these plans to ensure they remain current and effective. As with the Company Policies (below), we will assist with the seamless implementation of these plans within your daily operations.
- Company Policies: We will ensure that you have in place all required policies concerning the internal & external operations of the Firm. We will also manage their ongoing maintenance to ensure they remain up to date with changes in the regulatory and commercial landscape, as well as drafting and providing any new policies that become necessary. We will assist you in ensuring the implementation of these policies to guarantee that you are operating in accordance with best-practice.
- Procedure: We will help you prepare or provide you with all the necessary documentation for your day-to-day operations. This includes most notably your Information Disclosure Documents (IDD) / Terms of Business Agreement (TOBA), and extends to items for your clients such as a Complaints Leaflet and various application forms, as well as items for internal procedural use such as records of transactions, Business Registers and Procedure Checklists.
Monitoring and Reviews
- Monthly, Quarterly and Ad-Hoc Reviews: Depending on your experience within the industry and our determination of your compliance standards, based upon our initial discussions and findings, you will be setup with a system of regular, rigorous and thorough checks performed entirely by your compliance officer and with a minimum of hassle to yourselves. A Key Performance Indicators (KPI) and Management Information (MI) report will be compiled based on your Business Registers and then analysed to select specific cases or business to be reviewed. Compliance Checklists will be completed and finally a full report will be generated to be reviewed together with your compliance officer. Your compliance officer will pinpoint areas for improvement and prepare and set into motion the steps to ensure these recommendations are acted upon. Should we determine that the circumstances require it, we may also perform ad-hoc checks with your prior knowledge, to ensure that employees are always focused on compliant performance.
- Annual Reviews: Every year we will complete a full review of all the documentation that we hold and have drafted for you to ensure its continued compliance and that they are all up-to-date with your circumstances and the regulatory framework. Your compliance officer will also complete on your behalf full annual reports covering all areas of your business including; Business Risk, Compliance, Money Laundering, Data Security and Treating Customers Fairly (TCF).
- GABRIEL: We will complete your GABRIEL Reports as and when they are due.
- Subscriptions: You will receive free subscriptions to all required software and programs through Richdale Consultants, including; Sanction Search, Competent Adviser and any others required.