Retail Financial Services Compliance

The retail financial services market is vast and diverse. From retail banks and high street financial advisors to consumer credit and pensions providers, each sector would have its own specific regulatory and compliance requirements. These requirements have been compounded by the continuing shift towards more digital lead services being offered to retail consumers.

Complyport has been servicing the retail financial services sector for over 20 years. We have advised retail banks on policies, assisted in consumer credit authorisations, reviewed DB Pension files across several firms in the market and continue to provide market leading compliance advise and support on current regulation as well as regulatory change.

At Complyport, can assist retail financial services firms with (but are not limited to) the following compliance support:

FCA Authorisations

  • Consumer Credit Authorisations
  • Claims Management Company Authorisations, and
  • Wealth Management and financial advisor authorisations.

File Reviews

  • Pension Switching and DB Pension Transfers reviews
  • Complaint reviews
  • Suitability reviews
  • AML File reviews, and
  • KYC File reviews,

Project work

  • Policy and documentation reviews
  • Vulnerable Customer process gap analysis
  • Review of TCF procedures
  • Review AML procedures
  • Review KYC procedures

Ongoing support

  • Regulatory and compliance advice
  • Regulatory horizon scanning
  • Outsourced compliance support and short & long term secondment
  • Assistance with complaints monitoring and handling
  • Assistance with compliance monitoring
  • Help with FCA reporting and capital adequacy checks
  • Review of financial promotions, and
  • Assistance when dealing with the Financial Ombudsman Service (“FOS”)

Highlight – Key services

FCA Authorisations

At Complyport, we are market leaders in assisting consumer credit firms with their FCA authorisations and have successfully assisted over 1000 financial services firms with their FCA authorisations. With colleagues who have joined us from the FCA’s authorisation department, we know how to structure an application pack and can help brokers and lenders get FCA authorised first time round.

As part of our FCA authorisation support, we will project manage your application, ensuring the required documents are prepared in order and on time.

We will make sure your firm has the correct documents and policies in place to ensure you are compliant from your first day as a FCA regulated consumer credit firm.

Once authorised, we can assist brokers and lenders with ongoing monitoring as well as the implementation of robust compliant, conduct risk and governance risk frameworks.

All the above is relevant to Claims Management Companies and high street advisors as well.

File Reviews

Within our core team, Complyport has over 70 years of combined experience in undertaking pre or post sale review of the advice given to a clients. Having reviewed in excess of 25,000 files, our team understand the nuances within each file and can provide real time telephone support as well as batch reviews. Each review will consider the suitability of the advice given and the completeness of the documentation.

We can also provide you with assurance over historical advice standards by undertaking a sample review of past business. This can help with any FCA requests or communications, PI insurance renewals or can simply provide comfort over potential liabilities that you have or may have inherited through acquisition.

Our business assurance service ensures a risk-based approach focussing on complex cases categorised as higher risk. We then combine our regulatory and industry expertise, the latter being QCF Level 4 and chartered status.

Our file review support service helps ensure that you reduce potential remedial action and complaints.

Vulnerable customers gap analysis

The topic of vulnerability and the identification & management of vulnerable customers is a persistent issue that gets additional regulator focus each year. The FCA defines a vulnerable consumer as ‘someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care’.

The difficulties for retail firms arise not only in the identification and management of vulnerable customers but how to discuss vulnerability with them in the first place. The FCA have made it clear that they are not looking for a tick box approach when it comes to dealing with vulnerable customers.

At Complyport, our experienced compliance consultants can help your company put in place the right policies and procedures to ensure you understand what a vulnerable customer look like as well as the practical steps that need to be taken once they are identified. We can review your staff’s skills and capabilities when it comes to vulnerable customers and highlight any knowledge or skill gaps. Our team can help implement a persistent monitoring and evaluation process to make sure you continue to meet & exceed the FCA’s expectations and vulnerable customers are not accidently caused harm.

Interested in learning more about our services?

Please fill our free consultation form and a member of our team will get in contact for a personalised quote:

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