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FCA or Financial Conduct Authority is an independent organization in the United Kingdom which monitors and controls the stability of the financial services industry and very strict in imposing the guidelines and regulations they implement. In order for financial firms to correctly follow the guidelines and regulations, they often hire an FCA compliance consultant or FSA compliance consultant for assistance. With hundreds of companies looking for a compliance consultant, many compliance consultant firms are offering their services. And choosing the right one could become a challenge for financial firms. Here are some guidelines on what to look for in an FCA compliance consultant.
- Experience – Experience is an important criteria in choosing a compliance consultant. Compliance consultants with experience know the ins and outs in dealing with the FCA requirements and regulations. They can provide accurate initial risk assessments as well as the right procedures for the company to meet the requirements of the FCA.
- Credentials – There are many compliance consultant firms which boast experienced compliance consultants in their firm. However, not all of them have good track records. Some receive positive feedback from their clients while others are just average or even negative feedbacks. Choose the compliance consultant firm that has great credentials in order to receive quality service.
- Performance – Experience and credentials will not matter if the performance of the compliance consultant is subpar. Do not hesitate to cut the services of the compliance consultant if you feel that his performance and actions are not contributing to the company. Even without waiting for the result, poor performance would lead to poor result so it is better to change and look for another compliance consultant and not waste precious company funds for subpar services.
- Results – Result is the most important aspect in choosing and retaining the services of a compliance consultant. If there is a positive business development within the company after acquiring the services of the compliance consultant then continue using their services. If your company was able to meet the requirements and regulations of the Financial Conduct Authority then the compliance consultant is doing a great job and backed up by visible positive results. Performance can only be seen as great if backed up by the results. No matter how organized and smooth the services of the compliance consultant, it will be useless if no positive results are attained.
- Cost – Not all companies have unlimited funds to spare for hiring a compliance consultant. Choose among the compliance consultants that are within your company budget. Compliance consultants offer many services to help your company. Only ask for the services which are important for the development of the business.
An FCA compliance consultant will not do everything for your company. However, a great compliance consultant will provide proper guidance in making sure the procedures in your company are in line with the regulations and requirements of the Financial Conduct Authority. And that is what to look for in an FCA compliance consultant. Please let us know if we should do a similar article on CRB and DRB checks, as we’ve got a great recommendation to send you all too, Clear Check. I think it could be very insightful!