Methodology

CEI Compliance do not have any fixed methodology or a “one size fits all” approach and we do not concentrate on “deliverables”, which is mainly a list of activity. We work on producing outcomes and find out what works best for each organisation in their unique service or product offering and how they can best do it along the lines of effective governance, managed risk and full compliance.

What is Compliance?

Due to the increasing number of regulations and need for operational transparency, organisations are increasingly adopting the use of consolidated and harmonised sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.

What is Regulatory Compliance?

Regulatory compliance describes the goal that financial services organisations from small Independent Financial Advisers (IFA), Asset Managers, Stockbrokers, Insurance Companies and banks (Retail, Wholesale, Investment or commercial) aspire to in their efforts to ensure that personnel are aware of and take steps to be in compliance with relevant laws and regulations.

Currently, financial distribution channels are regulated by the Financial Services Authority (FSA) who are currently the regulatory authority for the United Kingdom. The FSA’s power is afforded to them by the Financial Services & Markets Act (FSMA). The FSA does not provide services directly to authorised financial services firms and rely on firms to use their internal resources to meet this goal.

Where companies are too small they rely on self-management of their compliance risk. This involves being aware of and understanding the regulatory developments not only from the FSA but from all other regulatory authorities. This may include the Information Commissioner or even the Department of Justice, in some instances.

Larger companies will often have a whole department responsible for maintaining the compliance affairs of the company. Banks and major financial institutions will have a large department, often divided into specialist areas to try and mitigate their compliance risk, or at least help their colleagues to avoid the risk in the first instance.

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