Ensuring effective and robust remedial actions when things go wrong
In case of regulatory failures (breaches), firms must take immediate steps to remedy the breach, prevent its reoccurrence and where required, calculate potential client damage.
Failures such as these can lead to varying levels of FCA intervention, from investigation to enforcement action. Where there is such a regulatory engagement, it almost always places a heavy burden on firms, requiring not only a significant amount of skilled resources but also imposing tight timetables for action (not even considering potential disruption to normal operation, compounding repetitional and financial damage).
Where enforcement action is anticipated, RRCA can work with your legal team to achieve the best possible outcome. For example, in the case of 'Skilled Person Reports' (also known as s.166), we can support you and your legal team to interpret the outcome and where required, challenge the content of it.
Throughout such process, it is paramount that the the senior management team takes an independent, expert and unbiased view to guide firm through the process.
HOW WE CAN ASSIST YOU.
Where remedial actions are required, it is important that firms not only mitigate the immediate risk but also review the internal controls to ensure such incidents cannot re-occur. All whilst keeping the FCA appropriately informed.
RRCA expert FCA and ICO consultants are here to assist with:
Preparing a root cause analysis (RCA) to show the nature and cause of the breach
Provide a practical (and documented) update to the senior management team on the conclusions; whilst supporting the implementation of the accepted remedial plan
Provide assistance with the notification and subsequent communication with the FCA (or other regulators); ensuring timing and reporting obligations are satisfactory and as expected by the FCA
Review, amend and provide implementation assistance with the relevant governance controls (policies, procedures, etc.)
Deliver practical training to affected staff
Where required, undertake past conduct reviews
Liaise with the firm's other stakeholders (such as lawyers, accountants)
YOU MAY ALSO BE INTERESTED IN.
At RRCA we provide a comprehensive and tailored service, meeting individual needs and FCA obligations. Whether you are a start-up or an established firm, our expert consultants are here to provide guidance and support.
You can find ample information on our website or if you prefer, simply contact us for an obligation free and confidential discussion about your needs.