If you are looking to work in an FCA regulated environment or become FCA authorised, there are a number of ongoing compliance tasks that you need to comply with. You can oversee your compliance responsibilities in-house and the FCA will give you guidance to stay on the right side of the law.
However, there is also the business case for using a compliance consultant who can leverage their background and experience to help you with your business model, reporting, complaints, marketing material and more. Today, we give an overview of why you should consider using a consultant rather than someone in-house.
Perhaps the most obvious reason to hire a compliance consultant is to gain access to their expertise in the field.
A good consultancy such as Bovill, Scott Robert or RQC Group can provide an independent and objective view, and tasks can be delegated to compliance consultants depending on their experience. compliance consultants will have years of experience in dealing with compliance regulation so are better able to identify small infringements of regulation that may be overlooked by the untrained eye.
Compliance regulations frequently change, and it can be difficult to keep up with these changes whilst fulfilling your job role.
A compliance consultant would be solely focused on ensuring your company remains compliant with the latest updates. It is the job of a compliance consultant to stay up-to-date with new compliance regulations and fully understand how these should be implemented practically in the industry.
As a compliance consultant will have extensive experience in Compliance Regulation, they will be able to identify problems that may have been overlooked by someone without their expertise. By identifying these issues quickly, compliance consultants can help your company avoid receiving penalties for breaking compliance regulation.
A compliance consultant’s experience enables them to work much more efficiently. There will be some regulatory issues that many companies experience, so compliance consultants often have procedures in place to deal with these issues quickly and effectively. These procedures can become invaluable for a company to lean on repeatedly to quickly resolve common regulatory issues.