About Our Members
Our members are all compliance consultants who specialise in providing compliance advice and compliance support services to firms who are regulated by the Financial Services Authority in the UK. Our members are required to adhere to our professional standards and membership is granted on an annual basis and has to be renewed each year.
Which type of service provider do I need?
Different types of service providers can assist you with different issues in relation to Compliance and Financial Services Regulation. Our Professional Services Directory lists providers of specialist compliance and regulatory services, and some who provide general services into the financial services sector. Here is a simple guide of those providing services related to financial services compliance and regulation. Please be aware that while there is an overlap between the services offered between the different categories of providers below each category has its own distinct strengths and weaknesses.
Compliance Consultants are individuals and companies who specialise in assisting firms regulated by the FSA to maintain compliance with the regulations. Typically consultants will be business oriented, taking a practical view of your business and helping you apply the rules to it. Compliance consultants will generally attend your offices and get to know your company. A standard task for a compliance consultant, for example, would be to audit a regulated firm – and this can only be done “from the inside”. If you want to understand whether your firm is compliant or to manage a standard FSA process, then a compliance consultant is likely to be your best bet.
Compliance consultants will work on either a project or retainer basis and often have long term relationships with their clients. This gives the advantage of understanding the business and being able to support it as it grows.
Typical services provided include support for gaining FSA Authorisation, one off audits and “health checks”, ongoing retainer support and client file reviews amongst many others.
Compliance Consultancies vary in size and capability. There are many specialist “one man bands” with sectorial experience. Some larger firms are also specialised in a sector, while other firms have broad sectorial capability. Some firms also offer broader “membership” benefits which are not compliance related. Many compliance consultants have backgrounds in law, finance or are MBAs, while others might be ex-regulators, ex-practitioners or pure career compliance professionals.
For our guide of how to pick a Compliance Consultant please click here.
To access the APCC Members Compliance Consultants directory click here.