Skip to content

News

What is a Compliance Consultant? | A Neopay Guide

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Compliance is a key issue for many money issues and payment institutions. Companies often have to operate in multiple jurisdictions, all with their own laws and regulations. For this reason, it is often advisable to seek out the advice of a compliance consultant. They will be able to help you minimise the time spent on your compliance while helping you navigate the changes to regulation that you might face.

Here is a quick guide to some of the most common questions we receive regarding compliance consultants.

What is a Compliance Consultant?

A compliance consultant is an expert in various regulations and laws that could affect a business’s operations. In addition to advising a company on the changes that they need to make to become compliant, they will also be able to offer ongoing reviews of compliance arrangements to ensure that everything still meets the latest guidelines.

They will also be able to advise on changes that need to be made and any upcoming regulatory changes that will impact the business – no matter how big or small.

What is FCA Compliance?

The Financial Conduct Authority (FCA) regulates all financial services in the UK. Any business that handles payments and financial information in the UK should be looking to become FCA compliant. In fact, many businesses are not able to start offering brokering services unless they are regulated by the FCA.

Their supervision is risk-based, and can be proactive, reactive, or based in thematic analysis depending on the needs of the company in question. Achieving FCA compliance means that a company will be committing to the gold standards set by the FCA, and will therefore be bound to audits and potential penalties from them if standards are not met. Such penalties can include orders to cease trading immediately, and potentially even prosecution depending on the severity of the infraction.

How Do You Become FCA Compliant?

Becoming FCA compliant will firstly depend on the type of business the applicant has. Companies that deal with e-money and payments might have a slightly different application process to that of an investment firm.

First, a company has to be certain that they meet the existing requirements for their types of business. They can then submit an application to the FCA through their Connect portal. The FCA will renew the application and will hopefully grant approval and authorisation to allow the company to proceed.

Who is Responsible for FCA Compliance?

Ultimately, it is the company themselves who is responsible for FCA compliance, no matter what. Though they might outsource their needs to a compliance consultant, the onus is on them to ensure that they are implementing the recommendations this expert suggests. FCA compliance must be maintained across the whole of the business, no matter what.

If you are seeking a compliance consultant to help your business meet FCA regulation contact Neopay today. Our services are tailored to meet the unique needs of your business – whether you are seeking to gain FCA authorisation or want to improve your current compliance infrastructure and systems.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Related Posts

City

FCA Trends:  Growing Focus on Culture for FCA Regulated Firms

In the past, the FCA’s interest in organizational culture has largely been focused on preventing regulatory breaches, such as fraud and money laundering.   However, there has been a noticeable trend
Read More >
FCA

FCA lays out future challenges and priorities

Nikhil Rathi, CEO of the Financial Conduct Authority (FCA), laid out the future challenges and priorities the financial regulator would face. In a speech given at the Lord Mayor’s City
Read More >