The BVRLA’s compliance team would like to remind FCA regulated members about a factsheet providing guidance on how to set up controls for compliance and implement a monitoring plan.
The FCA rules require firms to “take reasonable care to establish and maintain effective systems and controls for compliance with applicable requirements and standards under the regulatory system and for countering the risk that the firm might be used to further financial crime”. These policies should be comprehensive and proportionate to the nature, scale and complexity of the firm’s activities.
Firms should carry out “regular assessments of the adequacy of these systems and controls” to ensure compliance. The BVRLA’s factsheet covers the two key elements that ensure the effectiveness of the delivery of the systems and controls; prevention and detection. The factsheet highlights the steps that firms can take to prevent breaches occurring and steps to implement to detect and address breaches that do occur.
View the BVRLA’s Compliance Monitoring and Procedures factsheet
