Mortgage and General Insurance Firms

At Resources Compliance we provide a comprehensive range of services ranging from project managing an FSA Application to Healthchecks and ongoing Compliance Support. We can also help with other one-off assignments to help ease workloads or to cover for sickness or maternity leave.

For those Mortgage and General Insurance firms considering making the transition from ‘Appointed Representative’ to ‘Directly Authorised’, we provide all the advice and assistance necessary for a smooth transition.

FSA Applications

We provide hands-on support and guidance as we project manage the whole process for our client. Our service concentrates on ensuring the application is as accurate and detailed as appropriate for the services to be provided.

Our service includes advising on such things as Controllers, Close Links, Approved Persons and Client Money as well as providing you with the appropriate Compliance Procedures and Compliance Monitoring Plan for your business.

We will not simply submit an FSA application and then forget it! Instead we will liaise closely with the FSA Authorisation team and monitor the progress of an application. In general, because we insist on getting applications “right first time”, our experience has been that our hands-on approach ensures applications are processed relatively smoothly. In the event that any FSA queries do arise on the application we are there to deal with them for our client.

FSA Compliance Support (on-going)

We would stress is that it is not difficult to achieve compliance with the FSA's rules if a business is well organised with adequate records and has good compliance resources. We exist to ensure that our clients reach all necessary compliance standards set by the FSA.

As a firm we have spent considerable time developing our approach to assisting regulated firms with their FSA Compliance to allow them time to continue to develop their business whilst we advise on and monitor their compliance. We have determined a structured programme to ensure that regulated firms are helped in a systematic way to ensure that they reach the required compliance standards as soon as possible.

Under our Compliance Support Service we provide a structured program of work which begins with an initial visit to the client to carry out a check on their current systems and controls and documentation. This is followed by support, monitoring and updating, including an appropriate number of onsite visits during the year with subsequent feedback.

For the initial monthly fee, we structure an appropriate level of compliance support to ensure that the client receives the necessary assistance to make sure that their business can reach the relevant FSA standards.

In particular, each client receives the following:

• Compliance procedures
• Monitoring plan
• Complaints process
• Training and Competence plan
• Senior Management Systems and Controls analysis
• FSA Reporting Schedule
• Advertising checking process to include website
• Ongoing updating of new FSA requirements through regular bulletins and updates
• Telephone and e mail helpline assistance throughout our relationship
• Monitoring and updating visits to assist with the implementation of procedures, update on new FSA requirements and monitor compliance with FSA rules
• A consultant point of contact together with an administrator for dealing with day to day issues.

Using our services secures independent compliance expertise that a regulated firm may need to apply to their business in order to meet the required FSA standards.

FSA Compliance Healthchecks (one off)

Our FSA style Healthcheck is a service that is proving increasingly popular with firms wanting an independent assessment of their business from an FSA perspective.

Healthchecks commence with issuing a pre-visit questionnaire to the client followed up by one of our consultants visiting the client’s offices to carry out a review of their systems and controls, procedures and key documentation. We start the visit with an initial discussion with the appropriate Approved Persons to enable us to understand their business and during the course of our work review the following areas:

• Senior Management Systems and Controls
• Approved Persons
• Financial Promotions
• Conduct of Business
• Training and Competence
• Complaint Handling Procedures
• FSA Reporting
• TCF Management Information and Implementation

We then allow time in our office to review our findings and provide the client with a report based upon our findings with any exceptions identified in terms of compliance with FSA requirements. Our report lists by priority the matters that require attention and we make any recommendations for corrective action so that the client can rectify any deficiencies.

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