Regulatory Compliance
Documentation

Regulatory Compliance Documentation

Your firm’s compliance Policies, Procedures, logs and any additional Documentation are known as Compliance Manuals. Your firm's Compliance Manual is an essential part of your firms’ compliance framework ensuring you are meeting the requirements not only set by the FCA but your internal standards.

Compliance Monitoring Plan

A Compliance Monitoring Plan (CMP) is used to identify, assess and react to potential and actual compliance breaches. It is a fundamental document that is integral to the FCA application and post-authorisation process.

A CMP must account for key compliance risks to a business and outline how a firm plans to mitigate these risks and who will be responsible for any actions taken to mitigate risks. For example, call monitoring, a standard method for compliance monitoring, will help to identify whether any compliance requirements are being met. If they are not being met, a firm is then able to act upon this to ensure future breaches are avoided. A CMP is a working document that should be amended and updated to reflect any newly identified risks or to recalibrate current risks and responsibilities.

  • drafting policies and procedures
  • creating a robust compliance monitoring program
  • financial crime controls review and implementation
  • designing and delivering training programmes.

MEMA is well versed when it comes to the creation of Compliance Monitoring Plans. Due to our demonstrable knowledge and expertise, we are able to draft a complete and comprehensive CMP that is tailored to your firm and any proposed FCA activity.

Policies and Procedures

By applying to and being authorised by the FCA, a firm will be expected to have established effective policies and procedures that enable a firm to comply with relevant requirements. In some cases, i.e. depending on the proposed FCA activity and circumstances, applicants must submit a full suite of policies and procedures to the FCA as part of the application process. For others, the FCA may simply request these once an application has been submitted or may not request them at all. If an applicant is unable to demonstrate that they have effective policies and procedures, when requested by the FCA, an application for authorisation may be refused.

​It is therefore essential that Policies and Procedures are drafted and utilised as an authorised firm. MEMA has developed Policies and Procedures to enable firms to satisfy these requirements. Firms are reminded that Policies and Procedures should be maintained, updated or even created where new processes are established or where a firm becomes subject to new requirements e.g. as has been the case for many firms seeking to comply with the Senior Managers & Certification Regime which was introduced for all FCA regulated firms towards the end of 2019.

  • drafting policies and procedures
  • creating a robust compliance monitoring program
  • financial crime controls review and implementation
  • designing and delivering training programmes.

Compliance Registers and Logs

Firms must maintain adequate records. This means that efforts and actions undertaken to comply with relevant rules and requirements must be recorded. In some cases, registers and logs will serve as a means for documenting compliance breaches or the satisfaction of certain procedures as may be the case with a register that indicates completion of various monitoring requirements or registers that log breaches following completion of various monitoring requirements.

​As part of an applicant’s authorisation process or for those currently authorised, MEMA can provide relevant Registers and Logs that should be used to comply with this requirement i.e. to maintain adequate records.

  • drafting policies and procedures
  • creating a robust compliance monitoring program
  • financial crime controls review and implementation
  • designing and delivering training programmes.

You will have peace of mind that you’re meeting your regulatory commitments through rigorous compliance monitoring.

How Can MEMA Help?

If you are seeking to apply to the FCA, MEMA can work with you throughout the course of the application process. This will include the provision of all Compliance Documentation and regulatory documentation that is otherwise required. For more information on how we can help with the authorisation process please see our FCA authorisation page

For those who are navigating through the FCA application process but need only to establish constructive and effective policies and procedures, MEMA will seek to identify the documentation required that authorised firm would benefit firm and produce these in consideration of those requirements. For many authorised firms MEMA has produced a suite of documentation to comply with the Senior Managers & Certification Regime.

  • drafting policies and procedures
  • creating a robust compliance monitoring program
  • financial crime controls review and implementation
  • designing and delivering training programmes.

MEMA can review an authorised or applicant firm’s current or proposed compliance documentation and provide a gap analysis or advice and guidance regarding any proposed amendments.

Why Choose MEMA?

Get started!

MEMA has been supporting firms through the FCA compliance process since 2019. In that time, we have helped hundreds of businesses to successfully gain and retain FCA authorisation.

We have a unique blend of experience from ex-regulators, big 4 consultants and fin/regtech specialisation. Our team is highly experienced and expertly skilled. We specialise in providing our clients with solutions to often complex regulatory requirements and compliance needs.

Our unique industry insight and comfort with compliance enables our team to support you to the fullest extent possible, helping to develop your business model and compliance.

Contact us

May 21, 2021

Claims Management Phoenixing

The FCA has released its latest consultation paper affecting the Claims Management Industry.

More about us

April 28, 2022

How you can enhance your financial crime controls

The Financial Conduct Authority has released its key findings from its recent review of financial crime controls at several challenger banks. There are quite a few takeaways you can take to actively enhance your systems and controls.

More about us

July 26, 2021

Regulation of the funeral plan market

On 5 July 2021, the Financial Conduct Authority (FCA) launched a consultation (CP21/20) on its proposals for regulating the pre-paid funeral plan sector. This is part of an extensive regulatory change in the pre-paid funeral plan market. Under the proposals, the FCA will take over regulation from the Funeral Planning Authority (FPA) on the 29th July 2022.‍

More about us

Insights

April 11, 2021

FCA Threshold Conditions

Firms that apply for FCA authorisation have to meet the Financial Conduct Authority's minimum standards to become authorised – known as the “Threshold Conditions”.
More about us
January 28, 2022

What are regulatory controls and how do you conduct control monitoring

As a regulated firm or a firm wishing to become regulated, you will need to ensure you have a robust control plan and can conduct effective monitoring of controls. In this article, we will detail what a control plan is and the steps you can take to conduct effective control monitoring.
More about us
November 10, 2021

Regulatory considerations for Consumer Credit Firms

The FCA has set out new rules for claims management companies (CMCs) to protect consumers against excessive charges. Some of the major changes include:
More about us
May 15, 2021

Understanding virtual asset service providers

Virtual asset service providers have been defined as a new financial sector facing significant money laundering and terrorist financing risks.
More about us
April 11, 2021

Planning for FCA Authorisation

In this article, we briefly cover how long to expect when firms are submitting their applications for authorisations to the Financial Conduct Authority (FCA).
More about us
July 4, 2022

What is an FCA Final Notice

If you follow regulatory news, you will understand the FCA releases news of final notices and fines issued on firms and individuals that have breached its rules.
More about us
April 25, 2024

Improving Oversight of Appointed Representatives in the Credit Broking Industry Introduction

The Financial Conduct Authority (FCA) has recently assessed the key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) in the credit broking sector. The regulator has identified areas for improvement in the due diligence checks conducted by principal firms when appointing ARs and in their ongoing monitoring of these representatives. This article will discuss the issues identified by the FCA and how firms can address these concerns to ensure better oversight of their ARs and IARs.
More about us
June 11, 2021

FCA Financial Promotions Quarterly Review

In our first of the series on regulatory smarts, we alert you to the quarterly financial promotion release issued by the FCA
More about us
July 28, 2021

Anti Money Laundering warnings

The Financial Conduct Authority (FCA) issued a warning to retail banks in May 2021 (made public on 29 June) over continued weaknesses and failings surrounding their financial crime controls.
More about us
March 8, 2023

Buy now pay later agreements to become regulated in the UK

Currently, BNPLs and STFC companies benefit from the exemption under Article 60F of the Financial Services and Markets Act (Regulated Activities) Order 2001 (RAO). Firms providing BNPL products benefiting from the 60F Exemption do not have to be FCA authorised and the agreements do not need to be in a prescribed form under the CCA.
More about us

AML compliance in cryptocurrencies is impacted by the EU's expansion of policies

The European Parliament has decided to approve a set of rules to enhance the EU's anti-money laundering and terrorist financing tools, with a specific focus on the cryptocurrency business. The regulation mandates the implementation of heightened due diligence protocols and identity verifications for customers. Obligatory entities, including cryptocurrency asset managers and institutions, are required to notify Financial Intelligence Units (FIUs) or other competent authorities of any suspicious activities. An elevated degree of due diligence is being applied to the cryptocurrency sector.
More about us
April 11, 2021

Understanding the FCA thematic review (part1)

The Financial Conduct Authority carries out regular ‘thematic reviews’ into areas requiring further review by firms in the financial services industry.
More about us
January 16, 2023

What are the FCA financial promotions and what internal controls should you set up

A financial promotion is any advertisement, communication, or other material that promotes a financial product or service. Financial promotions can take many forms, including print and online advertisements, marketing emails, social media posts, and sales presentations.
More about us
May 16, 2022

Learn how to conduct Wind Down Planning

The FCA recently completed a thematic review of wind-down processes across a number of business models. The review was aimed at reviewing firms on whether they held the appropriate liquidity, examining intragroup dependencies and wind-down triggers.
More about us
January 7, 2022

FCA Fee Cap on CMCs

You will be aware that the FCA’s price cap is coming into existence on 1 March 2022. As a quick primer, this means there will now be five redress bands with a maximum fee charged per band.
More about us

Your key contacts

ADEMOLA OMOSANYA

Ademola is an accomplished consultant with over a decade of experience across regulation, banking, and consumer credit. As MEMA Consultants co-founder, he leverages extensive regulatory expertise to guide clients through critical processes and full compliance. His experience across sectors enables tailored solutions to complex business challenges. Ademola partners with clients as a strategic advisor to help futureproof their business through an in-depth understanding of the regulatory landscape.

MISAH MARAGH

Misah is a director at MEMA Consultants with over a decade of experience in financial services. Holding a legal background and postgraduate qualification, she previously worked at the Financial Conduct Authority. Misah has led compliance transformation for global consumer services organisations across Europe, the Caribbean, and Latin America. Her expertise includes implementing compliance frameworks for financial regulations, FCPA, UK Bribery Act, data privacy, and Sarbanes-Oxley. Misah is skilled at advising clients on operational and strategic projects, leveraging her in-depth knowledge of regulatory environments to deliver solutions tailored to complex business needs.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Regulatory Compliance
Documentation