FCA Compliance Audits

It is good business practice for companies to conduct an annual audit on overall systems and controls. This acts as a proactive health check.

The FCA like to see you carry out an annual audit and it also helps with your Professional Indemnity renewals.

CATS can conduct a thorough audit on your business.

Please find below some examples of what the audit will entail:

  • Review of the advice process
  • Review of the client proposition including disclosure documents
  • Review of the firm’s investment strategy
  • Review of the firm’s T&C scheme
  • Review of the firm’s Compliance Manual including Anti-money Laundering Procedures, Financial Promotion Procedures, Complaint Handling Procedures, Whistle Blowing, etc.
  • Review of the firm’s Business Continuity Plan and Data Security Audit
  • Review of how any appointed representatives are monitored
  • Review of registers
  • Review of the firm’s effective management information
  • Review of the firm’s Vulnerable Client Procedures
  • Review of the firm’s implementation of the Senior Management & Certification Regime

This is a full day’s audit. At the end of the day you will receive high level verbal feedback on the findings. This will be followed by a written report, which will contain an action plan of the points that we strongly recommend you address. The audit will cover both compulsory compliance aspects and best practice requirements.

We will agree, as part of your ongoing support, who is best placed to address any action points and build this into your activity plan for the year. Some will be addressed by us and others by you, but you can be rest assured that we will work on this together.

We Provide

Proactive Health Check: Conducting an annual audit on overall systems and controls is considered good business practice and acts as a proactive health check for companies.
FCA Compliance Requirement: The FCA expects companies to carry out an annual audit, which also plays a role in Professional Indemnity renewals.
Review of Advice Process: The audit will include a thorough review of the advice process within your firm.
Evaluation of Client Proposition: The audit will involve a review of the client proposition, including disclosure documents, to ensure compliance.
Assessment of Compliance Manual and Procedures: CATS will examine the firm's Compliance Manual, including Anti-money Laundering Procedures, Financial Promotion Procedures, Complaint Handling Procedures, Whistleblowing, etc.
Comprehensive Audit Coverage: The audit will encompass a range of areas, such as the firm's investment strategy, T&C scheme, Business Continuity Plan, Data Security Audit, monitoring of appointed representatives, registers, management information, Vulnerable Client Procedures, and implementation of the Senior Management & Certification Regime.