Our comprehensive FCA Compliance Support Package
The Financial Conduct Authority (FCA) regulates financial services in the UK, from mortgage brokers to investment managers. If your business carries out activities regulated under the Financial Services and Markets Act 2000 you will need to seek Direct Authorisation (or become an Appointed Representative of a Directly Authorised Firm) from the FCA.
Richdale Consultants’ experienced and personable compliance officers are well-respected within the FCA compliance sector. The team are well-versed in handling all aspects of the FCA application process for Direct Authorisation on our clients’ behalf. Similarly, we can provide guidance and support for financial service providers with existing FCA authorisation that are struggling or even failing to meet their ongoing compliance obligations – often due to unprecedented business growth.
At Richdale Consultants, we’re committed to offering the following services as part of our FCA Compliance Support Package:
End-to-end FCA Applications
Suitable for non-FCA authorised, regulated or registered firms
- We will handle all aspects of the application process on your behalf.
- This includes advising on the necessary permissions for your business model and drafting the necessary plans, policies and procedures.
- Completion of all requisite application forms.
- Support with liaison with the FCA at each stage of the application process.
- All stages completed with full disclosure and consultation with clients.
FCA Financial Services Register Permissions
Suitable for financial service providers already registered with the FCA
- We will ensure your business has the correct FCA permissions to provide the products/services you offer.
- Submit Variations of Permission in the event your business lacks a permission or is operating under irrelevant permissions (increasing your FCA fee and operating in breach of FCA rules).
Standing Data Check
- Our team will check that the data the FCA holds in relation to your business is accurate and up-to-date.
- We will liaise with the FCA on your behalf if they are found to be holding inaccurate or incomplete data on your business.
- Our team will equip your business with all requisite Companies House and Company setup documentation before drafting appropriate structure charts, bespoke to your firm.
- We will design a Compliance Business Plan, covering all key aspects of your operations, as expected by the FCA, providing a basis for your financial forecasting.
Regulatory Licenses and Insurance Coverage
Data Protection Licence
- We will guide you in completing the application for your firm’s Data Protection Licence.
- Our team will put in place renewal reminders, as and when appropriate.
General Data Protection Regulation
- We will provide a complete GDPR evaluation, risk assessment and action plan for your business.
- We will ensure that you operate in a way that guarantees you have the correct permissions and consent for the storing, handling and usage of Personal Data.
- We will assess that you have the appropriate levels and types of physical and technological security to maintain the safety of any Personal Data.
Relevant Insurance Policies
- Our team will ensure your business has the necessary insurance coverage, in line with your statutory and FCA regulatory requirements.
- We will provide reminders for renewing these policies when necessary.
Review of Your Contractual Obligations as an Employer
- We will help you with the entire structure and maintenance of your contractual obligations as an employer, as well as other relationships (Introducers, ARs, Locums, etc.)
- We will ensure you hold the necessary data on your staff, including appropriate Fit and Proper, etc.
- We will make sure each employee has agreed to and signed declarations related to their work roles and your company procedures.
- Contractual templates provided wherever necessary.
- Assistance with auto-enrolment available upon request.
Bespoke Company Documentation
- We will work with your business to ensure all necessary plans are in place regarding compliance, training and development and disaster recovery.
- Our service includes ongoing maintenance and updates to company plans to ensure they remain current and effective.
- Professional support in the seamless implementation of these plans into your firm’s day-to-day operations.
- We will ensure all required company policies, concerning internal and external operations of your business, are firmly in place.
- Our service includes ongoing maintenance and updates to ensure all policies remain up-to-date with changes to the regulatory and commercial landscape.
- We will draft and supply any new policies that become necessary in the event of regulatory or commercial changes.
- Professional support in the seamless implementation of these policies into your firm’s day-to-day operations, in accordance with best practice.
- We will work with you to prepare or provide you with all necessary documentation for your day-to-day operations.
- This documentation includes: Information Disclosure Documents (IDD), Terms of Business Agreements (TOBAs) and extends to items for your clients such as Complaints Leaflets and various application forms; and items for internal procedural use e.g. records of transactions, Business Registers and Procedure Checklists.
Periodic Monitoring and Reviews
Monthly, Quarterly and Ad-Hoc Reviews
- Based upon our initial discussions and findings, we will set you up with a system of periodic, rigorous checks, performed entirely by your dedicated Richdale Account Manager in conjunction with your Richdale Compliance Officer.
- Key Performance Indicators (KPIs) and Management Information (MI) reports are compiled based on your Business Registers. They will then be analysed to select specific clients or cases to be reviewed.
- Compliance Checklists are completed, and a full report generated for you to review together with your Richdale compliance officer.
- Areas for improvement will be pinpointed during your review and set into motion to ensure these are acted upon.
- Ad-hoc checks may also be conducted, with your prior knowledge, to ensure employees maintain compliant performance.
- At the end of each business year, your Richdale Account Manager in conjunction with your Richdale Compliance Officer will conduct a full review of all documentation and ensure it is up-to-date with your firm’s circumstances and the FCA’s regulatory framework.
- Your compliance officer will also complete full annual reports on your behalf spanning all areas of the business, including: Business Risk, Compliance, Money Laundering, Data Security and Treating Customers Fairly (TCF).
- Your compliance officer will complete all GABRIEL reports ahead of their due dates.
- Receive free subscriptions to required software and programs as a Richdale Consultants client, including: Sanction Search, Richdale Portal, etc.