FCA compliance & business support
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WHAT WE DO for THE INDUSTRIES WE SERVE

Richdale’s FCA compliance consultants have continued to offer a personal and comprehensive service since 2015.

Richdale help financial service providers to ensure that they are suitably equipped at all stages of their business development to maintain FCA compliance, thus providing the highest levels of service to their clients.

Our bespoke Compliance and Broker Support Packages are designed to enhance the integrity of firms in the financial service sector.

MORTGAGE & PROTECTION

Although mortgages have been around for centuries, it wasn’t until 2004 that mortgages became a regulated product for the consumer market. Under the Financial Services and Markets Act 2000, the conduct of mortgage lenders is subject to regulation by the FCA.

Furthermore, mortgage lenders are subject to prudential regulation, which outlines the capital required by lenders to offset lending risks and mitigate wider financial instabilities. All home-owner mortgages are 100% regulated by the FCA and Richdale Consultants works with lenders across the UK to provide full compliance support and monitoring, ensuring the fair treatment of mortgage customers.

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GENERAL INSURANCE

General insurance providers are regulated by both the FCA and the Prudential Regulatory Authority (PRA). The FCA regulates the business conduct of individual insurers to ensure business models are legitimate and that potential risks don’t impinge upon consumers and the wider economy.

Typically, our work with general insurance brokers involves periodic compliance audits to identify any areas of weakness, provide ongoing compliance support to help you keep on top of those weaknesses and prepare new applications for FCA authorisation to help brokers commence trading.

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CONSUMER CREDIT

Consumer credit providers are required to meet and maintain the FCA’s threshold conditions at all times. We’ve helped many consumer credit firms achieve FCA authorisation and maintain compliance through bespoke education, training and ongoing support.

Since 1st April 2014, the regulation of consumer credit has been in the hands of the FCA and their standards remain justifiably high. Our highly-experienced compliance consultants regularly work with consumer credit providers to help them understand their responsibilities as an FCA-authorised operation.

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PAYMENT SERVICES

Whether it’s traditional high-street or challenger banks, authorised payment services or e-money service providers, we utilise our know-how of the regulatory landscape to demystify FCA compliance for payment services; helping them to understand their obligations and the expectations of the Regulator.

Whether it’s preparing an application for FCA authorisation, reviewing your existing processes and procedures to maintain FCA compliance or drafting compliance procedures and documents, Richdale is the trusted partner of many payment service providers across the UK.

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FINTECH

With the advent of innovative and disruptive fintech firms, challenging the established players in the world of financial services, Richdale’s compliance consultants work together with alternative finance businesses to help them obtain authorisation with the FCA and keep up with their ongoing compliance requirements. This allows our clients to focus on doing what they do best: changing the face of 21st century financial services.

Typical fintech clients on the Richdale roster include peer-to-peer lenders, cryptocurrency platforms and crowdfunding investment portals. Ultimately, our compliance consultants are driven to assist firms in the launch and operation of financial products that are compliant and engaging, helping them to achieve their future goals.

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INVESTMENT AND FUND MANAGERS

For wealth managers and personal investment services, FCA regulations have ramped up the scrutiny the legitimacy and suitability of their work. The FCA demands that investment and fund managers look after client funds and segregated mandates as they say they will. Richdale’s compliance consultants work with start-up and well-established wealth management firms to simplify these complex regulations.

With guidance available on everything from capital, liquidity, third-party dependencies and any other prudential obligations, our professionals help investment and fund managers see the bigger picture to secure and/or maintain FCA compliance.

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