Regulatory Compliance is an art and a skill to keep up with an ever-changing environment.
In recent times, compliance and consumer protection have become buzzwords in the financial services industry and there has been an element of 'bandwaggoning' where service providers focus on profit rather than partnership and protection.
Certainly the Financial Advisory and Intermediaries Services Act (FAIS) is not the first piece of legislation to create is a formal system of regulating financial services, but it was the first to specifically address the risk of businesses who sit between financial institutions such as Banks and the consumer. It's overarching aim is to protect the consumer by enforcing professional conduct and fairness.
However, in an ever-changing regulatory environment the promulgation of the Financial Service Regulation Act (2017) which is already subject to potential amendments, it's more important than ever to have a compliance partner that keeps things simple so you can focus on your business in a compliant way.
Whether you are an entrepreneur, start-up or existing Financial Service Provider (FSP) looking to start new or expand existing regulated service offering we can assist with your preparation, application and set-up for the appropriate category approvals with the Financial Services Conduct Authority (FSCA).
Our real-world experience at Banks, FSP's and with regulators, combined with our customer centric approach also means that everyone from small financial services firms starting up to longer-established companies looking to scale up trust us with their authorisation.
If you would like to talk through the authorisation process, get in touch and book a free initial consultation with IQ Compliance today.
All financial advisory and intermediary business should appoint a FAIS Compliance Officer. However, not all businesses can justify the cost of this specialist skills as a full-time employed resources. IQ Compliance are approved by the Financial Services Conduct Authority (FSCA) as Compliance Officers and can bridge this gap.
As your appointed Compliance Officer for FAIS, we keep you informed of regulatory requirements and undertake regular monitoring sessions to provide assurance and a level of comfort around your FAIS compliance. This covers all requirements of FAIS such as your statutory reporting, supervision, category, fit & proper, advice and all aligned staff training.
If you are looking for a retained advisor, assistance in an ad hoc compliance project, reviewing or improving your compliance monitoring system, risk management or anti money laundering (aml) policies and procedures, then let’s start a conversation today.
Fit & Proper
The FAIS Fit & Proper requirements set the honesty and integrity, competency and operational ability requirements for all FSPs, key individuals and representatives. It also set out he solvency requirements applicable to FSPs.
We can assist with assessing the Fit & Proper elements that affect your business operations and help plan, implement, track and report progress against compliance. This includes elements such as checks and disclosures on FSP employees and overseeing representative/KI supervision through to ensuring continuous professional development (CPD) is tracked and managed efficiently and cost-effectively.
A compliance audit is an external independent review of your firm’s business processes, document policies, personnel and controls in order to compare its existing compliance procedures against its FAIS regulatory obligations.
It is becoming best practice for many firms to operate this as a 3rd line of defence and utilise IQCompliance as an industry specialist to benchmark themselves against their peers. You will have the confidence knowing you are dealing with the best in the business and benefit from our experience working with international banks, industry experts and regulators.
The end result is a comprehensive audit report which clients can use to demonstrate internally and externally to third parties that the highest standards of compliance are met throughout the firm.
If you are looking for a thorough review of your compliance which is undertaken in the most meticulous manner, so it can be used for the benefit of your business and to help you improve how you do things in the compliance department, then get in touch today.
Your people are your first line of defence for fighting financial crime and remaining compliant with the Financial Advisory and Intermediary Services (FAIS) Act so it's vital that time and effort are put into helping them hone their knowledge and skills.
In fact, regulations make a point of ensuring employees are suitable trained and experienced. Whether this is around elements of FAIS, FICA, Anti-Bribery and Corruption or planning an effective supervision plan - we can help.
As an FPI Approved CPD Provider, we thrive on transferring our knowledge and employ engaging, relevant and interactive techniques such as case studies, real life examples and scenarios to deliver risk and compliance training in the most practical way possible either as part of projects, workshops, eLearning or bespoke in-house training courses specific to the company’s requirements.