SMCR: compliance support services are dead


INSIGHT
Published
Mar 10th '22
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In today’s busy world, firms like yours require a swift, flexible, supporting and active response regulatory consultancy service, which will specifically include a broad array of consulting and advisory services that change over time, such as:

 

  • Assistance With Regulatory Change Projects To Variation Of Permissions;
  • Ongoing Regular Or Semi-Regular Compliance Support;
  • Ad Hoc Regulatory Compliance Advice, As Required; And
  • Monitoring Software Solutions For Ongoing Compliance.

The marketplace has changed rapidly in the last ten years, specifically due to a number of factors such as increased fintech, greater demand for transparency, the ‘GIG’ economy, the Financial Conduct Authority (FCA)  approach and not least, advanced risk management by investment firms.

 

Whereas once it was permissible to treat all retail firms under one broad brush by compliance support providers, we believe that this has run its course and there is no longer any value left in this ‘support’. This type of ‘support’ stems from the old network organisations, who even though they have moved into direct authorisation support, still shove all firms into retail pigeonholes.

 

To provide annual ‘quick and dirty’ audits which are often not totally relevant, as well as using checklists and pro-forma compliance ‘sales’ substitute procedures, is totally inadequate from the Senior Managers And Certification Regime (SMCR) requirements of demonstrating reasonable steps, or ensuring that all information and material were made available.

 

In addition, MiFID II has created a far greater onus on firms to run their firms better and tighter with segmentation and categorisation, costs and charges breakdowns and single charging along with target market notifications, 10% fall obligations and more detailed and accurate reporting.

 

To do all this, while still running your business, is a paper nightmare as well as a continual headache. Identifying the risks and the weak spots is now critical for your specific business.

 

Regulatory breach or infringement mitigation has to be proportionate and swift.

 

Waiting for an annual report, some months away, will not provide;

 

  • Evidence of “Reasonable Steps” taken;
  • Fulfil your requirements under FCA COCON SC1, SC2 or SC3; or
  • Demonstrate to any third party scrutiny that all information and materials were made available in a timely manner.

This is where LS Consultancy can help with a contemporary approach, bespoke to your business.

 

  •  You know your business and how it operates.
  • You know what keeps you awake in the small hours.
  • You will often think of questions and scenarios where, you need answers quickly.

 

Doesn’t it make sense to work collaboratively with your compliance support provider and select the areas that require additional scrutiny, or perhaps just buttoning them up to stop them flapping in the regulatory winds of change?

 

In a changing market and regulatory environment, it is vital to have regulatory consultants able to provide a high-quality service through:

 

  • thorough understanding of industry risks and issues you face;
  • detailed knowledge of the ever-evolving regulatory environment
  • the increasing changes to the FCA and their regulatory expectations and standards;
  • championing best but pragmatic, cost-effective practice and being a catalyst for improvements to your growing business; and
  • dealing quickly, effectively and efficiently with any work required.

 

Undoubtedly you need regulatory consultants that are suitably agile and appropriate for tomorrow’s environment. You require a firm with not only verifiable skills and experience in the industry, but also the capacity to deliver seamless regulatory support services that match your requirements.

 

LS Consultancy has built its business by concentrating on developing expertise in specific industry sectors. Recognised as a ‘thought leading’ adviser we continually develop our services to meet clients’ needs. Our success is based on client relationships that last, built on transparency, technical expertise and, most importantly, adding commercial value through the work we do for our clients.

 

We believe that LS Consultancy is well placed to meet your requirements. Indeed, we would be delighted to act for you. Our proposal, therefore, sets out how we will work in partnership with you, our services and the associated costs.

 

We believe our approach offers you not only the information you will need to feel confident in choosing LS Consultancy, but also;

 

  • Control over what gets checked;
  • Regular involvement on a business dependent agenda;
  • No regular fees with long notice periods;
  • Accurate, honest and practical advice almost instantly;
  • obtain templates for documents needed;
  • With our initial benchmark audit, we also check all of your governance including Committee’s Terms of Reference;
  • Provide advice in responding to the regulator in cases of enforcement or challenge;
  • Reports positioned as discussion documents for you to agree or amend, slip into the board packs and record your decisions and actions to satisfy MiFID and SMCR.

 

Cloud-based Regtech solutions help to automate compliance procedures and provide full MI to evidence the “Reasonable Steps” needed to satisfy the SMCR rules. For example, see here.

 

No Annual Or Regular Fee

In today’s specialist environment for financial service firms, they need someone who is responsive, when they need them; not whenever it suits the support company.

 

Annual checks are too infrequent for a firm to find out they have been doing things in error or breaching the rules. They need an answer quickly;

 

  • with evidence as to what and why;
  • recommendations for remedial actions; and
  • a complete audit trail.

 

We provide on-demand visits, bespoke to your concerns and regular checks that may fit in with your annual Compliance Monitoring Plan or other developments. These can be costed when required depending on scope and time.

 

Free Help-Desk Enquiry Service

We provide a free enquiry service to all of our clients and will typically answer as soon as possible, with the intention of it being in less than a working day. If the query requires additional research or other work, we will provide you with a price there and then.

 

If you want to get the right advice, quickly, with clear and totally transparent, unshackling yourself from the confines of an antiquated compliance support service, then contact us.

 

Contact us

 

If you need any assistance, in strictest confidence, call us today on

020 8087 2377 

or email info@lscprom.co.uk.

 

Contact us

 

About us

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

 

Our range of innovative solutions can be tailored to suit your unique requirements, no matter whether you’re currently working from home, or are continuing to go into the office. Our services can be deployed individually or combined to form a broader solution to release your energies and focus on your clients.

 

Contact us today for a chat or send us an email to find out how we can support you in meeting your current and future compliance challenges with confidence.

 

Explore our full range today.

 

Contact us

 

 

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