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.

The FCA like to see you have an annual audit and it also helps with your PI renewals.

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 file
  • 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
  • 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.

Should you be or become a CATS client then 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.

“We don’t want to just tell you what you need to do and walk away, we want to be part of the solution”