Using a compliance consultant

To meet the requirements of the FCA Systems and Controls rulebook, in particular rule 6.1.1. A firm must establish, implement and maintain adequate policies and procedures sufficient to ensure compliance of the firm including its managers, employees and appointed representatives (or where applicable tied agents) with its obligations under the regulatory system and for countering the risk that the firm might be used to further financial crime.

It is each firms responsibility to ensure they meet the requirements of SYSC 6.1.1, every firm, large and small are responsible for ensuring compliance with the regulatory system, whether or not they use a compliance consultant. You cannot contract out your regulatory obligations, so if you are looking for compliance support you must ensure that the consultancy meets your needs.

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