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9 top tips for better financial compliance
Here are my top tips for compliance in 2019, they are in no particular order of importance and I remind you that my tips come with no implied warranties and following them will not absolve you, or make you immune from client complaints and/or regulatory sanctions, However, I can say that by taking my tips to heart and acting on them, you should reduce the compliance risk in your business, so here goes.
Richard Rattue, managing director of Compli-Serve SA
- Stay up to date with tech
- Stay in touch with RDR
- Don’t make knee jerk changes
- Are you properly fit?
- C is for conduct
- MCR?
- Count your CPDs
- Fais out, Cofi in
- Don’t be among the ill advised
Those who don’t adapt their business to take advantage of fintech developments will likely fall behind in the future. The marketplace is evolving into a digital first space, and financial services is no exception and we all need to be on the train. Rapid advancements in technology promise us that we will be working smarter and faster than ever before.
The acronym that continues to cause confusion; don’t let boredom or frustration with the process of finalising the RDR get to you – complacency is not the answer. Big shifts are coming and while potential measures are up for discussion, though somewhat puzzling and still pending, it is best to be kept informed along the way.
More details on some of the key RDR proposals are expected from the regulator, so don’t make any rash decisions within your business unless they really are future proofed. A lot more will come to light as the year progresses, but I do encourage exercising patience.
The revised fit and proper requirements of BN 194 are complex and are something we should all be well aware of going forward.
Principles- and outcomes-based practices are in as we move to a conduct-based regulatory regime, likely translating into big shifts in how we’ll report to the Regulator as Conduct of Business Reports are set to replace the current tick box approach in 2019. Consult your compliance officer about this new approach and make sure you are ready in time.
Three important words: market conduct risk – it’s crucial you understand how this affects your business. Any risk management plan in the new year should include this up front.
While you might drag your heels, CPDs are essential for the betterment of the industry, and compulsory.
We are moving to a brave new world under the Conduct of Financial Institutions Act and entering a world where board notices and rules will be replaced by standards. Sector specific legislation will disappear over time as the FSCA knocks down the current silos.
With the myriad of regulations in play and those to come, it can be difficult to keep up and compliant. Seek professional compliance advice to avoid unnecessary complications – it isn’t worth the risk not to. Most compliance officers are members of Cisa or their licences and services are verifiable on the FSCA website.
About Richard Rattue
Richard Rattue is the managing director of Compli-Serve SA.
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