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Bankhall issues warning to DA firms over FCA compliance

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  • 23/10/2013
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Bankhall issues warning to DA firms over FCA compliance
Bankhall has urged directly authorised (DA) firms to prepare their compliance staff for increased scrutiny from the FCA.

The FCA is to increase its focus on retail conduct risk and will now expect firms to identify and review emerging risks then resolve any issues before they result in poor outcomes for consumers.

The changes will affect compliance oversight officers (CF10) and money laundering reporting officers (CF11).

Bankhall has launched a retail conduct risk assessment tool to assist compliance personnel and will host a series of workshops across the country during the next six weeks.

Topics covered will include the regulatory framework in which firms operate, how these roles underpin a firm’s compliance regime and how this ties in with treating customers fairly requirements.

Stephen Gazard, managing director for Bankhall, stressed how important it is for firms to be aware of the risks.

“Individuals with CF10 and CF11 responsibilities are vitally important for every adviser firm,” he said.

“The FCA views these roles as pivotal to a firm’s compliance regime, management of risk and ultimately the fair treatment of customers.

“Given the FCA’s emphasis on retail conduct risk it is essential that compliance oversight officers and money laundering reporting officers can demonstrate the necessary skills and knowledge to be fully effective in embedding a robust compliance regime.

“Through a mix of pragmatic learning solutions and theoretical frameworks, the workshops have been designed to help firms and individuals confidently manage their regulatory responsibilities. They will also test individuals’ understanding and ability to identify any regulatory issues through the completion of practical case studies.”

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