Ok, let us be completely transparent here… Compliance may not sound like the most exciting aspect of financial services but arguably it is the most important.
So, what does compliance actually mean within financial services?
To put it simply, it is abiding by the rules. The ‘rules’ for financial services are dictated by the Financial Conduct Authority (FCA). As you can imagine, there isn’t just one or two rules to follow, there is a whole heap of rules and regulations that apply to the industry.
There are many job roles (or at least varying job titles) within compliance, however, there are 3 predominant ones. These are:
- Compliance Oversight
- Compliance Manager
- File Checker
Let’s delve a little deeper into what these roles actually do…
The difference between these is typically the management. The oversight role takes responsibility for the firm's compliance with regulation, whereas the manager often 'does' the doing. This includes writing policies, procedures and training staff.
A filer checker ensures the advice a firm is giving to its clients is correct. It is a form of risk management. A file checker reviews advice files, checks suitability reports / client agreements, and a whole lot of critiquing! A keen eye for detail is paramount for success as a file checker. And also, being a bit nosey goes a long way too!
In general terms, you will be responsible for ensuring your firm is compliant with all the regulations applicable to your business. It is not uncommon for new guidance or regulation to be introduced, therefore, keeping up to date with FCA announcements and the ability to translate those updates to other members of your team is key.
