Choosing A Compliance Consultant

The use of a compliance consultant is not mandatory and the FCA will not be able to recommend any particular firm.

 

However, given the speed of regulatory change and the increasing complexity of regulation, all firms should give this serious consideration.

 

The FCA have published a fact sheet which sets out what a firm should be looking for when selecting a consultancy firm to help them.

 

This can be seen at –

 

http://www.fca.org.uk/your-fca/documents/factsheet-consultant

 

RWA are confident that we can comprehensively answer all points that are raised in that document.

 

The compliance consultancy industry has its own professional body, the Association of Professional Compliance Consultants (APCC) and its website is www.apcc.org.uk.

 

When selecting a firm to partner with, we would always recommend that you consider a frim which is an APCC member, and such firms have to agree to be bound by a code of conduct.

 

RWA were founder members of the APCC and play an active role in that body. RWA Compliance Director, Terence Clark, is a Director of the APCC nominated by his peers.

 

We would also suggest that you carefully consider what services you require, many firms will restrict themselves to pure regulatory (FCA) matters, and given the increase in legislation that affects Financial Services and the proliferation of legal cases, you need to ensure that your chosen partner can advise you on wider matters, not just the narrow FCA issues.