In the United Kingdom, FCA is the organisation that regulates the conduct of roughly 50,000 financial-related firms. This organisation has specific rules and procedures that financial services providers need to meet to start running their businesses. These rules and FCA regulations aim to protect customers from bad financial conduct. They also help to protect the integrity of the United Kingdom’s financial system.
Unfortunately, FCA compliance is not getting easier anymore today. With the regular stream of regulatory updates that the FCA provides, it’s essential to hire a consultant to keep your brand FCA compliant. In the rest of this post, you’ll discover 3 tricks and tips on how to find the right FCA compliance consultant, such as MEMA Consultants.
1. Experience level matters a lot
Does the compliance consultant you’re looking to hire have enough experience with the Financial Conduct Authority (FCA)? This is certainly the first important question you need to ask when finding the right consulting firm.
While having the right knowledge about FCA compliance is important, the experience level of a firm is even more vital. The right firm, such as MEMA Consultants, should have a deep understanding of how the FCA regulations and rules apply to your business.
To get started, you can start by asking the simple question:
- Have you worked with clients or are you currently working with clients with a similar profile as my brand?
If yes, you should try and check whether or not you can get about two or three references from the clients. In addition, you should also do your due diligence and find out who handles the clients’ projects. To get the best results, you should only settle for a consulting firm when you’re sure the project will be handled by a senior consultant or team of experts.
2. Great communication skills
Does the financial compliance consultant have great communication skills? You need to understand that knowledge and experience level alone aren’t enough. In addition, a reliable firm should have excellent communication skills.
MEMA Consultants is open to meeting with clients when necessary to discuss their projects. The meetings, especially the initial one, mostly focuses on discussing your nature of business and how you want the application for FCA license authorisation to go. As time goes on, we also make reports regarding the progress of your application for FCA license authorisation.
Bottom line: with the right communication, you’ll understand the progress of your application. This is enough to keep your organisation rest assured that it’ll soon receive a license.
3. Personalized service experience
The right financial compliance consultants should be able to offer your firm a personalised service experience. This means the right conducting firm should provide you with exactly what you need.
For instance, let’s say your specific area of interest is “financial crime”. The right FCA consulting firm should have enough knowledge and experience in this area. They should be able to work with your brand to achieve your FCA goals.