Background

Audits are undertaken to assess and review the firms /Units/Agents internal processes and operations in respect of FCA compliance and is conducted and reported on a risk based approach.

Compliance Star

• Online reporting of audits and actions through to completion.
• View of all audits completed that can be viewed via central reporting or by individual Units/Agents.
• Actions for both firms and units/agencies following audits can be tracked through to completion.
• Risk categories can be assigned to individual sections allowing oversight of the Units/Agents risk and firms approach.
• Audit frequency can be tailored according to the risk and any customer detriment.

Benefits

• Efficiency driven as many fields are pre-populated and can easily be edited to be tailored to the firms requirements.
• Clear tasks, notes and documentation against each Units/Agents record for internal use which can be updated/edited and viewed in real time.
• Units/Agents can easily access actions and provide additional information and documentation.
  A constant information flow for evidence and oversight

Background

Firms need to be able to evidence the compliance oversight and management of its internal Units/Agents. Clear and concise reporting is a requirement from the regulator.

Compliance Star

• A range of reports and dashboards will be accessible including status reports on Audit and APER On-boarding Report.
• The search capability allows you to define criteria to search on within the reporting frameworks.
• Search via calendar dates to review audits undertaken refined by Units/Agents.
• Reports can be downloaded by Excel, PDF, CSV or XML file.
• Required actions reports can be accessed and managed from this central point.
• Reports can be downloaded for further refinement, analysis and presentations within board reports.
• Complaints register and reports can be downloaded to assist with regulatory reporting.
• Comprehensive complaints reporting that can be drilled down to volume, days taken to resolve, redress and complaint reasons to support identification of root cause and remedial actions and more.
• Financial promotions reporting and dashboards for clarity of operational service level agreements and types of promotions being published.
• All reports can be drilled down by date range, Units/Agents for supervision and oversight.

Benefits

• The readily available information across a range of reports types giving you both granular and high level governance for all the firms Units/Agents will satisfy the regulators oversight requirements.
• The range of download options allow for a range of format types to various internal presentations.

Background

Financial Promotions that the firm wants to distribute is subject to due diligence in accordance with the Distant Marketing Regulations.

Compliance Star

• Online submission, tracking and approval of all financial promotions.
• View all financial promotions sent by clients via a list of companies.
• Ability to reassign the task to another user granting them permission to view and process the assigned financial promotion.
• You will be redirected to the checklist to assess the financial promotion and either approve or reject engaging dialogue with the client through the checklist submission and notes.
• It will also allow you to flag set expiry dates of any financial promotion which in turn triggers a task to ensure all financial promotions are compliant and up to date.

Benefits

• You will be able to view a full audit trail of all actions carried out on the financial promotion selected and be able to view/request or add documents to the client file.
• All financial promotions will be centrally monitored and a management report can be provided at any time for status updates and approvals.
• Centralised reporting on all the firms Units/Agents financial promotions.

Background

All regulated firms must have robust complaint handling and escalation processes in place to ensure complaints are being managed in accordance with the FCA regulations and the right outcome for the consumer is being achieved. Reportable complaints must be reported to the FCA as part of the firm’s regular FCA returns. Firms must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems.

Compliance Star

• All complaints will be submitted in real time allowing the firms Units/Agents to escalate open complaints and report closed complaints for review by the principal firm.
• System calculates days taken to closure and prompts required actions in accordance with FCA rules.
• Questions sets covering regulatory reporting and MI to establish root cause and remedial actions are captured giving you both granular and high level governance through online reports.

Benefits

• Full transparency of complaint handling, escalation and reporting.
• The system will ensure all FCA requirements are met and the client will be able to evidence and report each stage of the complaints process.

Background

The FCA has specific rules and requirements for financial services regulated firms (including where they outsource activities and functions) to have in place effective systems and controls for managing risk. Sufficient MI must be in place to ensure that the status of a risk is monitored, that any actions can be tracked and that any change to the risk profile is identified at an early stage.

Compliance Star

• Clear tasks and notes against records can be added for internal use which can be updated/edited and then viewed in real time.
• A clear risk appetite can be set and monitored against for each Unit/Agent.
• Full risk management reports can be accessed/filtered and downloaded.

Benefits

• Firms can easily access actions and provide additional information and documentation.
• A constant information flow for evidence and oversight.

Background

Firms must ensure adequate due diligence is undertaken and recorded for all individuals operating as an Approved Persons (APER’s). Each step of the process and supporting information will need to be evidenced to the regulator which includes investigation, document checking and verification.

Compliance Star

• The system allows the individual APER’s to upload documents related to their specific due diligence requirements removing the need for paper based records
• Reminders for regular data submission and monitors any gaps in data
• Internal sign off process facilitating the reporting of risks
• Audit trail of all communications both internal and external
• The APER’s permitted Controlled Function (CF) will be recorded to evidence the principals agreement.
• The APER’s permissions can be tailored according to the individuals roles and responsibilities
• Internal sign off process facilitating the reporting of risks

Benefits

• All regulatory obligations are met regarding the information which needs to be held on the individuals.
• The dashboard can highlight any issues/gaps in documentation.
• The firm can access and review all documentation at the click of a button.
• Audit trail of all communications both internal and external

Background

Money Laundering Reporting Officers are required to produce regular reports ( at least annually) for senior management.

Compliance Star

• Report requests are generated automatically at a predetermined date which can be changed as required.
• Notifications and workflows for completion and checking through to sign off.

Benefits

• Consolidation of the Units/Agents AML related activity.
• Full transparency of the AML risk through centralised reporting that can be analysed and reported

Background

Firms must ensure adequate on going due diligence is undertaken and recorded for all approved persons joining the firm.

Compliance Star

• Fit and Proper questionnaires are generated automatically sent on the anniversary date the APER approval.
• Automated tasks are generated between the firm and APER to ensure all required documentation is provided.
• Notifications for both firms and APER for completion and checking through to sign off.

Benefits

• Identification of the firms activity and solvency.
• Firms can evidence ongoing oversight of the solvency of its APERs.
• Full transparency through centralised reporting that can be analysed and reported.

Background

Audits are undertaken to assess and review the firms Units/Agents and internal processes and operations in respect of FCA compliance and is conducted and reported on a risk based approach.

Compliance Star

• Online reporting of audits and actions through to completion.
• View of all audits completed that can be viewed via central reporting or by individual Units/Agents.
• Actions for both firms and units/agencies following audits can be tracked through to completion.
• Risk categories can be assigned to individual sections allowing oversight of the Units/Agents risk and firms approach.
• Audit frequency can be tailored according to the risk and any customer detriment.

Benefits

• Efficiency driven as many fields are pre-populated and can easily be edited to be tailored to the firms requirements.
• Clear tasks, notes and documentation against each Units/Agents record for internal use which can be updated/edited and viewed in real time.
• Units/Agents can easily access actions and provide additional information and documentation.
• A constant information flow for evidence and oversight

Background

All regulated firms must have robust complaint handling and escalation processes in place to ensure complaints are being managed in accordance with the FCA regulations and the right outcome for the consumer is being achieved. Reportable complaints must be reported to the FCA as part of the firm’s regular FCA returns. Firms must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems.

Compliance Star

• All complaints will be submitted in real time allowing the firms Units/Agents to escalate open complaints and report closed complaints for review by the principal firm.
• System calculates days taken to closure and prompts required actions in accordance with FCA rules.
• Questions sets covering regulatory reporting and MI to establish root cause and remedial actions are captured giving you both granular and high level governance through online reports.

Benefits

• Full transparency of complaint handling, escalation and reporting.
• The system will ensure all FCA requirements are met and the client will be able to evidence and report each stage of the complaints process.