It is considered to be completely unreasonable not to have a FCA compliance firm by your side if you’re even thinking about starting your own new firm on the UK market. Such a thing is a must now, but as times change, so do the FCA compliance firms, and what was once considered such a company is thought as pretty much outdated today. Compliance firms need to develop with time, and before you hire the first compliance firm that comes across your path, learn about what it is that makes them great, and only once you’ve made sure that that particular company has that, should you hire it.
So, what is it that every good FCA compliance firm ought to have? As times change, so do the FCA compliance firms, and providing just the authorisation is not enough any more. So, without any further ado, let’s see what it is that makes these kinds of firms modern, desirable and successful.
Of course, the most important thing (but as we have already mentioned, never the only thing) that a compliance firm has to offer is the FCA authorisation. Plain and simple, this is something that you just can’t live without if you’re a firm, and especially if you’re a start-up wishing to advance. Also, regulated financial activities can only be conducted in the United Kingdom if you are authorised by the FCA, no matter if you are a firm or an individual. The FCA compliance consultants in Pragmatic Compliance know what they’re doing, have experience, and need to have only positive data in the resume.
As we have said, plain old FCA authorisation is not enough any more, and the compliance firms need to offer more to their clients. One of the things they ought to offer, and have at their clients’ disposal at all times is support. This means that the compliance firm ought to have experts in this field, who know how to help their clients at any time. However, some FCA compliance firms choose to outsource this work, which is not a bad thing to do, as long as it doesn’t cost the client more.
Health checks are an important aspect of every modern compliance firm, and the firms that do not offer this service are in risk of losing their clients to other FCA firms that offer it. There will come a time when the client would be in an urgent need of some kind of a requirement due to the FCA pressure or any other reason, and the compliance firm needs to answer that request, and in order to keep their clients, the firm is going to have to answer positively to it.
This is hardly the entire list of services that any modern compliance firm needs to offer. There are also other things, such as contract reviews or full check ups that they ought to offer, but now, at least the people are familiar with what it means to be a great modern FCA compliance firm.