The FCA’s Consumer Duty Regulation puts unprecedented pressure on regulated firms and their compliance departments. Gaining control, and being able to evidence that control, has never been more important.
The most effective way of demonstrating compliance is to implement a compliance management system that maintains audit trails of the steps taken to execute the firm’s compliance with the Consumer Duty.
My Compliance Centre allows firms to hold and track many of the activities required to execute Consumer Duty obligations. For example, a Consumer Duty monitoring plan can be defined, executed and tracked and a Consumer Duty sub-committee can be setup, with regular meetings, attendees tracked, reports, minutes and actions documented.
Maintain a tight control of your Financial Promotions approval process and register.
Streamline the approvals process and configure different approval templates for each product.
Define your SMCR structure and assign responsibilities to individuals. Create your annual certification and assessment framework and manage all ongoing certifications.
Produce your MRM and SoR at will for now or any point of time in the past.