Bankhall urges directly authorised firms to prepare compliance personnel for FCAs Retail Conduct Risk requirements
→ Bankhall, the professional support services provider, is urging directly authorised (DA) firms to ensure they invest in thorough training for Compliance Oversight Officers (CF10) and Money Laundering Reporting Officers (CF11).
It comes as the FCA increases its focus on Retail Conduct Risk and the need for firms to identify and review emerging risks and act upon any gaps identified.
Following on from Bankhall’s recent launch of its Retail Conduct Risk assessment tool, the support services provider has launched a new series of Compliance Oversight and Money Laundering Reporting Officer workshops designed to develop the skills and understanding of individuals who hold these controlled functions.
Bankhall’s workshop programme is aimed at those individuals who have been approved or delegated CF10 or CF11 responsibilities, as well as those who are expecting to move into these roles.
Stephen Gazard, managing director for Bankhall, commented:
Individuals with CF10 and CF11 responsibilities are vitally important for every adviser firm. The FCA views these roles as pivotal to a firm’s compliance regime, management of risk and ultimately the fair treatment of customers. Given the FCA’s emphasis on Retail Conduct Risk it is essential that compliance oversight officers and money laundering reporting officers can demonstrate the necessary skills and knowledge to be fully effective in embedding a robust compliance regime.
Through a mix of pragmatic learning solutions and theoretical frameworks, the workshops have been designed to help firms and individuals confidently manage their regulatory responsibilities. They will also test individuals’ understanding and ability to identify any regulatory issues through the completion of practical case studies.”
The workshops are being held in locations around the country throughout October and November.
Topics covered by the sessions include:
- The regulatory landscape and framework in which these roles operate
- How these key roles underpin a firm’s adherence to an effective compliance regime
- Implementing meaningful TCF monitoring and the management of Conduct Risk
- The value of relevant, accurate and robust management information
- Systems and controls and the Approved Persons regime
- Understanding regulatory reporting requirements
For more information, please email [email protected] or call 0845 300 5326.