What Your Firm May Expect from FCA Compliance Trainings
In financial services firms, senior management and junior staff alike need to understand their obligations when it comes to compliance with Financial Conduct Authority (FCA) requirements.
Staff members who do not know what their FCA compliance obligations are can cost your firm money, as it puts you at greater risk of enforcement action. In the case of money laundering, gaps in your staff’s knowledge could even become a criminal matter. This is why proper FCA compliance training is highly important.
Compliance training needs within your firm might include:
• An overview of the regulatory environment in the UK
• How to identify and report a complaint
• How to identify and report a transaction that may be suspicious for money laundering purposes
• What information needs to be provided to clients at different stages of the sales process
• What standards are expected when giving advice
• What needs to be in your firm’s Compliance Procedures
• What recent or forthcoming regulatory changes will affect your firm
• What ‘treating customers fairly’ means and how it affects day-to-day operations
• What having a compliance culture within a firm means
• What to expect from an FCA monitoring visit and how to prepare for one
Compliance training comes in many forms. It can be delivered via formal seminars, more informal workshops or online. To help you with your training needs, consult industry experts.