24th October 2018

FCA Compliance Audits

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.

CATS can conduct a thorough audit on your business. Please find below some examples of what the audit will entail are: –

  • A review of the advice process
  • A review of a client files
  • 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 how any appointed representatives are monitored
  • Review of registers
  • Review of the firm’s effective management information

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.