What impact could a regulatory visit have on your Firm?
If you are not fully prepared, your systems and controls are not up to standard, or if your Firm has committed a regulatory breach, your regulator may:
- Require your Firm to implement remedial measures within a specified timeframe
- Commission an independent review and report from a third party, at your Firm’s expense
- Impose restrictions on your business activities
- Suspend or withdraw your licence
- Impose a fine on your Firm
- Publicise any formal disciplinary action taken against your Firm
Has your regulator scheduled a visit or inspection of your Firm?
If a visit or inspection is scheduled, our team of experienced Compliance Consultants will provide guidance through the process to maximise the likelihood of a positive outcome for your Firm.
Preparation for a regulatory visit or inspection would cover:
- Briefing senior management and employees as to the manner in which the regulator will conduct the regulatory inspection
- Reviewing the Corporate Governance Structure, and ensuring that there is documentary evidence to support oversight by the Governing Body of business
- Reviewing all relevant policies and procedures to ensure that they have been updated to reflect all recent rule changes
- Testing the implementation of policies and procedures
- Reviewing client files to ensure that all initial and ongoing Customer Due Diligence is performed in line with your Regulator’s expectations and requirements
- Reviewing the scope and nature the Compliance Monitoring Programme, the results of monitoring performed and reports generated
- Reviewing the training records of all employees.
Getting your Firm ready for your regulatory visit or inspection
If you have already received notification of a visit from your Regulator, you have no time to waste. Contact CCL’s compliance consultancy team for pragmatic support and guidance to ensure you are fully prepared to show credibility and compliance during your regulatory inspection or review.