FCA GOVERNANCE – FINANCIAL CONDUCT AUTHORITY GOVERNANCE

The new regulatory regime designed to protect and enhance confidence in the UK financial system.

In Hector Sants’ 2011 keynote speech at the FCA conference he referred to Howard Davies, then Chairman of the FSA, 2003 use of the well known adage, “Those who fail to understand the mistakes of the past are condemned to repeat them.”

We are all painfully well aware that since 2003 instances of mis-selling, unsuitable governance and a lack of robust, compliant policies have shaken confidence in the UK and indeed worldwide financial sector. The key purpose of the FCA will be to ensure past mistakes are understood and not repeated here in the UK.

When the FCA becomes operational at the end of 2012, with Martin Wheatley as its CEO, it will be looking for dedication to compliance from the financial services sector. It will be looking to ensure lessons have been learnt from past mis-selling and past transgressions.

There is one obvious way to ensure you are ready for this transition. That is to have robust policies and procedures in place now. You must understand clearly where potential risks are coming from and prepare for them. You must ensure that adherence to regulation is built into the fabric of your processes. TCC can help you. We provide comprehensive audits; we make recommendations for change that are relevant to your commercial activities. We act as a provider of outsourced compliance oversight so you maintain your commercial edge whilst adhering to regulations. As the regulatory regime develops we give you the time and space to grow your business.

For more information and to discuss your needs please contact TCC on 020 3008 6020 or email info@theconsultingconsortium.com