Compliance: the business prevention department?

Oct 6th '15

A common misconception of compliance is that it is still a ‘business prevention department’ but nothing could be further from the truth – providing it is done properly.


The Compliance department exists to ensure that firms comply with applicable rules, regulations and guidance.


One of the key talking areas of compliance is, financial promotions, and specifically the FCA’s social media guidance. I covered this in my article earlier this year.


While financial promotions remain a key talking point, are marketing and compliance teams working together to achieve the same goals?


In the past, compliance and marketing departments have been disconnected, whether this is because compliance has been seen as business prevention or each area is unaware of its roles and responsibilities. I don’t see myself as someone who puts barriers in the way; but I do like to make sure the business doesn’t slip off the regulatory cliffs edge.


Fast forward to today’s world, I believe that many firms now have the right balance and each work well together. In my experience compliance and marketing departments are both involved at the early stages of product development and understand the target audience. This  helps deliver the end result, with fewer complications within the approval process.


Financial promotions remain an inherent part of bringing the product and the client together to transact business, and are often the primary source of information for consumers. It is worth ensuring your promotions are compliant as the results could be detrimental against your firm.


I like to think there is perhaps a more appropriate name for compliance – ‘business preservation department’.


How can we help you?          

LS Consultancy has wealth of experience in reviewing financial promotions and can do so on a one-off or on an on-going basis.


We are also skilled in reviewing and assessing your financial promotion procedures and can assist you to establish the necessary framework to help future compliance with regulatory requirements.


Explore our full range today.


Remember: Not everything is black and white when it comes to Financial Promotions, and many of the rules are open to interpretation. If you are unsure how your activities fit within the rules, please contact us.


Author: Christopher Hall


About us

LS Consultancy are experts in Marketing and Compliance, and work with a range of firms to assist with improving their documents, processes and systems to mitigate any risk.


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