Building on its commitment to help financial services sector achieve and maintain compliance following the implementation of the Financial Services Authority (FSA) regulations earlier this year, Compliancy Services Ltd, the financial services compliance expert, has launched an innovative “Interim Compliance Audit” service.
Available through the enquires email at [email protected],
the new service offers mortgage brokers and financial service providers the opportunity to confirm that they have put in place the appropriate documented procedures to achieve compliance with FSA rules, but also, that they have real life evidence to show they are implementing the theory, in practice. Whether brokers and financial service providers have interpreted the FSA regulations in-house, or with external assistance, the benefit of this independent interim compliance audit, prior to a possible FSA visit, could make the difference between a clean bill of health and having some awkward questions to answer.
The service encompasses:
- Live situations, including mystery shopping
- Review of random customer files
- Validation/implementation of regulated procedures
- Review of staff competence strategy
“For companies with December year ends or those coinciding with the end of the tax year, sign off on company accounts will be a primary focus. A key aspect of annual audits should now include checks designed to ensure that firms demonstrate adherence to all legal and regulatory requirements. Insurance mediation in the newly regulated general insurance products must be seen to conform to new statutory legislation. Part of this process requires any employees involved in insurance mediation to fulfill the competence requirements of authorised firms”, comments Tony Worthy, Managing Director, Compliancy Services Ltd.
By using the interim compliance audit service from Compliancy Services, mortgage brokers and financial service providers could avoid nasty surprises when the business comes to its financial audit at year end.
“There remain a large number of financial service providers and mortgage brokers, under insurance regulation since 14th January 2005, that have yet to adhere to the commitments they made in their initial application for FSA authorisation. They will find that their auditor must bring such breaches to the attention of the directors and/or report the nature of the breach in the audited accounts before sign off. It is therefore essential mortgage brokers and financial service providers maximise the opportunities that help their businesses ensure their company audits are signed off successfully”.
