FSA Countdown Visit: 3 Compliance Monitoring Plan
Welcome to the third installment of our IFA campaign notes for preparing for an FSA visit .....
3. Compliance Monitoring Plan - You have to have a plan to comply
Having an ongoing Compliance Monitoring Plan is essential for all regulated firms, yet the guidance available from the Financial Services Authority is very thin on the ground.When firms first make an application to become regulated, as part of the application process you will have been asked to send in your Compliance Plan (now known as your Compliance Monitoring Plan or Programme).
The authorisation application pack gives guidance on what should be included in the Compliance Plan but there is no other guidance available.
Regardless of size, every firm is required to have a Compliance Monitoring Programme in place that is tailored to the activities of the firm, regularly reviewed and updated.
What is in this set of compliance notes?
- Compliance Monitoring Plan - What does the FSA expect?
- Compliance Monitoring Plan - Keep procedures up to date
- Compliance Monitoring Plan - Updating procedures for TCF
- Compliance Monitoring Plan - New douments and templates
