A compliance checklist

Use these questions to help assess whether you need to review your FCA compliance.
  • Do you use suppliers in customer facing roles?
  • If so does this include managing non-fault claims?
  • Do your customers clearly understand what is happening?
  • Are all fee arrangements transparent and reasonable?
  • Do you effectively manage any conflicts of interest in use of suppliers?
  • Do you have evidence of formal and effective oversight of all supplier risk areas?
Brokers and intermediaries
  • How will you deal with the FCA business risk assessment initiative?
  • Can you evidence effective financial and general oversight of the business and its service providers?
  • Have you considered the cost saving and risk profile reducing step of not having permission to hold client money?
  • Could your sale of add-ons be interpreted as bundling?
  • Are all your fees disclosed and checked for reasonableness?
  • Do your customers know if they have been advised or not?
  • Have you dealt effectively with the risks of making sales on the internet?
  • Is your complaints procedure current and does it include a root cause analysis process?
  • Can you evidence that all staff are signed off as competent?
  • Can you demonstrate that you manage all conflicts of interest including and resulting from staff initiatives?

 For further support on all aspects on compliance, contact CWMC on 01327 830014 today.



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