In-house, outsourced or co-sourced compliance: a governance comparison
A comparison of compliance resourcing models through accountability, capability, information access, provider oversight, continuity and exit planning.
Read the guideSTAY COMPLIANT
Your External Compliance TeamFCA Compliance Consultants
Compliance capacity with clear ownership, monitoring and reporting.
Specialist FCA compliance consultants for UK regulated firms. Our team of ex-regulators and Big 4 consultants acts as your outsourced compliance function - monitoring, advising, and keeping your firm compliant so you can focus on growth.
SERVICE OVERVIEW
Outsourced Compliance Support
Give your firm a practical compliance function with clear ownership, monitoring and reporting.
Small and growing regulated firms needing flexible compliance capacity or specialist support. A documented compliance cycle that supports management decisions and ongoing oversight.
Evidence we help you build
- Compliance calendar and monitoring plan
- Policy and procedure register
- Management information and issue log
- Board and senior-management reporting
Typical timeframe
Ongoing
Support runs as an ongoing retainer, a fixed-scope project, ad hoc advisory or interim cover. Fees depend on the scope of the work and are agreed in writing in a statement of work before work starts.
Ideal for
- Small and growing regulated firms
- Firms needing flexible compliance capacity
- Firms needing specialist support
What kind of support do you need?
- Compliance function
- Monitoring
- Policies
- Change and issues
How MEMA helps you
- Policy & Procedure Drafting
- Compliance Monitoring
- Financial Crime Controls
- Training Programmes
- Regulatory Advisory
- Management and Board Reporting
- Compliance Maintenance
What kind of support do you need?
Select the operating gap or recurring obligation you want to strengthen.
Compliance function
Set responsibilities, advice and reporting cadence.
Monitoring
Build or refresh a risk-based monitoring programme.
Policies
Keep documents aligned to the real business model.
Change and issues
Respond to regulatory change or a live compliance concern.
Compliance Consultancy Services: What Is Included
Compliance consultancy services scoped to your permissions, size and risks. Which of these apply depends on how much compliance resource you already have.
Policy & Procedure Drafting
Comprehensive documentation that meets FCA requirements and fits your business model.
Compliance Monitoring
Structured monitoring frameworks to ensure ongoing regulatory compliance.
Financial Crime Controls
Review and implementation of robust anti-financial-crime measures.
Training Programmes
Bespoke training to ensure your team understands regulatory obligations.
Regulatory Advisory
Continuous support monitoring regulatory changes and advising on implications.
Management and Board Reporting
A compliance report each cycle that a non-specialist director can act on and a supervisor can follow.
Compliance Maintenance
Proactive assistance to maintain authorisation and avoid rule violations.
How MEMA helps
We run the compliance function rather than advise on it from a distance. The engagement follows the same shape whether we are your whole compliance resource or supporting an existing officer.
- 1Understand the firmWe start with the permissions you hold, the activities you actually carry on and the controls already in place, so the support is sized to the business rather than to a template.
- 2Build the compliance calendarObligations, reporting dates and monitoring activity go into one calendar with named owners, so nothing depends on somebody remembering it.
- 3Put the framework in placePolicies and procedures are written or rewritten to match how the firm operates, then mapped to the rules they exist to satisfy.
- 4Run the monitoring cycleWe carry out the reviews and file testing on the schedule, log what we find, and track issues through to closure rather than to a report.
- 5Report to the boardManagement information and a board-ready compliance report each cycle, written so a non-specialist director can act on it and a supervisor can follow it.
Retainer, project or ad hoc: how engagements are structured
Most firms buy compliance support in one of four ways. The right one depends on whether the need is continuous, a defined piece of work, occasional questions, or cover for a gap.
Ongoing retainer
A recurring compliance calendar: monitoring, advice, change management and reporting on a fixed rhythm. It suits firms with no in-house compliance officer, or with one who needs second-line capacity and an independent view.
Fixed-scope project
A defined deliverable with a start and an end, such as a compliance health check, a policy rebuild, setting up a monitoring programme, a Consumer Duty review or a remediation exercise after a supervisory finding.
Ad hoc advisory
Access to an experienced adviser when a question arises, such as a new product, a complaint pattern or an FCA letter, without committing to a recurring programme.
Interim or cover
Support while a compliance officer is on leave, has left, or the next hire has not yet started, so the monitoring and reporting cycle does not lapse.
Fees depend on the scope of the work: the number and complexity of your permissions, how many people and products are involved, and what documentation already exists. They are agreed in writing in a statement of work before work starts.
Who FCA compliance consultancy is for
We work with firms authorised by the FCA, or about to be, across 11 regulated sectors. Typical situations include:
- Newly authorised firms that must operate the compliance framework they described in their application but do not yet need a full-time hire. Our FCA authorisation support often leads straight into this.
- Growing firms, or firms between hires, whose compliance officer is stretched or wants independent assurance.
- Firms responding to an FCA letter, a thematic review or an internal finding and needing a structured remediation plan.
- Principal firms overseeing appointed representatives, who need monitoring that stands up to scrutiny; see appointed representative and principal firm support.
What Outsourced FCA Compliance Consultants Do
Outsourced FCA compliance consultants do not simply advise on regulatory questions when asked: they run the compliance function on an ongoing basis. For most FCA-authorised firms, that means three core workstreams: structured monitoring, regulatory change management, and Consumer Duty obligations. Here is what each involves in practice.
- 1Compliance Monitoring ProgrammesSYSC 6.1 of the FCA Handbook requires firms to establish, implement and maintain adequate policies and procedures for the purpose of detecting any risk of failure to comply with regulatory obligations. In practice this means a structured compliance monitoring programme: a schedule of periodic reviews testing key regulatory requirements against actual firm behaviour. MEMA's FCA compliance consultants design and execute monitoring programmes that reflect your specific permissions and risk profile, document findings with management information suitable for board reporting, and recommend and track remediation where gaps are identified. Monthly and quarterly monitoring cycles are the norm; higher-risk areas are reviewed more frequently.
- 2Regulatory Change and Horizon ScanningThe FCA publishes dozens of consultation papers, policy statements, supervisory letters, and Dear CEO letters each year. Most firms, particularly smaller and mid-size ones, lack the capacity to track this volume and assess what it means for their business. Our compliance advisory service includes active horizon scanning: we monitor FCA publications, identify those relevant to your firm's permissions and sector, assess the implications, and advise on what action is required and by when. Firms that respond to regulatory change proactively avoid the remediation costs that come from discovering a gap during a supervisory visit.
- 3Consumer Duty Ongoing ObligationsConsumer Duty is not a one-off implementation exercise: it imposes ongoing obligations that the FCA expects firms to embed into business-as-usual. These include an annual Consumer Duty board report assessing outcomes across the four outcome areas, fair value assessments for products and services, regular review of customer communications, and outcomes monitoring with evidenced MI. Our FCA compliance consultants manage this cycle for firms that do not have the internal capacity to sustain it: drafting the board report, maintaining the outcomes monitoring framework, and ensuring the Consumer Duty obligations remain embedded as your business evolves.
What good compliance support looks like
Whoever you choose, you can judge the work by the evidence it produces. A well-run compliance function leaves a record that you, your board and a supervisor could each follow.
- Named ownership for each regulatory obligation, with a clear escalation route
- Monitoring that tests what the firm actually does, not only what its policies say
- An issues log in which every finding has an owner, a due date and a recorded closure
- Policies that match practice, and regulatory change converted into dated actions
- Management information that the board reads and acts on
- The firm remaining accountable: outsourcing the work does not outsource the responsibility under SYSC 8
Key Compliance Outsourcing Requirements
What the FCA expects, and the evidence behind it.
Ownership
Define accountability, escalation and management information.
Monitoring
Test controls against the firm's risks and activities.
Policies
Maintain practical procedures and evidence.
Regulatory change
Identify relevant developments and actions.
What you will need to produce
- Compliance calendar and monitoring plan
- Policy and procedure register
- Management information and issue log
- Board and senior-management reporting
Make accountability explicit
Outsourcing can add capacity only when the firm's responsibilities remain visible.
- Service scope
- Define advice, monitoring, policy, training, regulatory change and reporting responsibilities.
- Oversight
- Set management information, escalation, review meetings and access to evidence.
- Provider governance
- Record due diligence, service levels, conflicts, resilience and contingency arrangements.
Operate a usable compliance cycle
The function should turn risk and change into decisions and evidence.
- Monitoring programme
- Test controls and customer outcomes against the firm's permissions and risk profile.
- Issue management
- Assign owners, actions and closure evidence for weaknesses and breaches.
- Senior reporting
- Give the board and senior managers a clear view of risk, change, actions and overdue work.
Why Use Outsourced FCA Compliance Consultants?
Focus on growing your business while we handle regulatory compliance.
Problems found while they are still small
Monitoring on a schedule, with the record that shows the checks actually ran.
- Reduced risk of regulatory breaches
- Expert oversight of compliance obligations
- Confidence in meeting FCA standards
Ex-regulators, not generalists
People who assessed firms from the FCA’s side of the table, alongside Big 4 and fintech practitioners.
- Access to ex-regulators and Big 4 consultants
- Fintech / regtech specialism
- Over a decade of FCA compliance experience
Sized to your firm
A retained function, a defined project, or cover between hires — whichever the business actually needs.
- Bespoke compliance support packages
- Flexible engagement models
- Scalable to any firm size and complexity
The whole cycle, not just the audit
Policies, monitoring, regulatory change and board reporting run as one function rather than four projects.
- End-to-end compliance management
- Proactive regulatory change monitoring
- Strategic compliance planning
Case Study
An outsourced compliance function for growing regulated firms
Smaller FCA-authorised firms face the same flow of regulatory change and supervisory expectations as large ones, without the budget for a full in-house team or the resilience to lose one key person.
A compliance function that keeps pace with regulatory change, without an in-house hire.
More compliance outsourcing work
- E-money & paymentsA financial crime framework that satisfies the FCA and banking partnersA growing payments firm needed anti-money laundering controls that would satisfy both its banking partner and the FCA. MEMA built the risk assessment, controls and monitoring end to end.
- Consumer creditCompliance function stabilised after a sudden departureWhen its compliance resource left suddenly, a consumer credit firm had nobody covering its FCA obligations. MEMA became the interim compliance function, reviewed the firm's position and kept it stable for 6 months while it recruited.
- Corporate financeA clean withdrawal, and a clear route back, after a permissions lapseWith its permissions at risk and an application heading the wrong way, a corporate finance firm took MEMA's advice to withdraw before a decision. Its record stayed clean and a re-authorisation route was mapped.
Compliance consultants in London and across the UK
MEMA is based in London and supports regulated firms throughout the UK. Most work is delivered remotely through video calls and the client portal, with on-site sessions where they add value, such as board sessions or preparing for a supervisory visit.
If you are looking for a compliance consultant in London, we can meet in person. If you are elsewhere, the local pages at the foot of this page list the areas we support; the service is the same wherever you are based. Every client has access to the MEMA client portal for the project plan, information requests, documents, messages, FCA correspondence and monthly updates. Led by ex-FCA regulators, with 100+ firms authorised, 11 sectors covered and 10+ years of experience.
FCA compliance consultants across the UK
We are London-based and support regulated firms nationwide, remotely and on-site. Explore our compliance support by area:
Related guidance
Related specialist services
- FCA AuthorisationEnd-to-end support from application to approval.
- SMCR ImplementationStatements of responsibility, F&P assessments and Conduct Rules.
- Financial Crime ControlsAML/CTF framework, BWRA, CDD, SAR workflows and monitoring.
- Compliance Monitoring ProgrammeRisk-based monitoring plan, file testing and board reporting.
Sectors We Support
This service is available for firms across these regulated sectors
Explore our other services
Compliance support that sits alongside an outsourced function.
Frequently Asked Questions
Common questions about outsourced compliance services
Can you outsource compliance to a third party?
Yes. SYSC 8 of the FCA Handbook permits outsourcing of compliance functions to a third-party provider, provided the firm retains ultimate responsibility and oversight. The FCA requires that outsourcing arrangements do not impair the quality of internal controls or the regulator's ability to supervise the firm. A formal outsourcing agreement must be in place, and firms must conduct appropriate due diligence on the provider, maintain adequate oversight, and have contingency plans. MEMA acts as your outsourced compliance function under a robust service-level agreement.
What does an outsourced compliance officer do?
An outsourced compliance officer provides regulatory advice, designs and executes compliance monitoring programmes, reviews and updates policies and procedures, delivers staff training, assists with FCA reporting and notifications, manages regulatory change impact assessments, and acts as a point of contact for the FCA where agreed. At MEMA, our outsourced compliance officers are experienced ex-regulators and Big 4 consultants who integrate with your team to provide the same level of support as an in-house function.
How much does outsourced compliance cost?
It depends on firm size, the complexity of your permissions and the scope of services required. Smaller firms with straightforward permissions need a narrower scope, while firms with multiple business lines, complex obligations or Consumer Duty requirements need more comprehensive support. Fees depend on scope and are agreed in writing in a statement of work before work starts.
What is the difference between outsourced and in-house compliance?
Outsourced compliance provides access to a broader team of specialists at a fraction of the cost of a full-time hire. An in-house compliance officer carries salary, training, systems and management time, and depends on one person being available. Outsourcing gives you access to ex-regulators with cross-sector experience, continuity of service without single-person dependency, and scalable support that adjusts to your firm's needs. The FCA does not distinguish between outsourced and in-house compliance -- both must meet the same standards.
Do I need an FCA compliance consultant?
If your firm is FCA-authorised or seeking authorisation, you need someone responsible for compliance oversight. Whether that's an internal hire or an FCA compliance consultant depends on your firm's size, the complexity of your permissions, and your budget. Smaller firms and growing fintechs typically find outsourcing more cost-effective than recruiting - they get access to specialist expertise (including ex-FCA regulatory knowledge) without the salary overhead, and can scale support up or down as their needs change. Larger firms often use FCA compliance consultants to plug specific gaps: Consumer Duty, financial crime, or horizon scanning.
What should I look for in an FCA compliance consultant?
The most important criteria are regulatory pedigree, sector experience, and accountability. Look for consultants with direct FCA or PRA experience (not just advisory backgrounds), specific knowledge of your sector and permissions, and transparent service-level agreements that define deliverables clearly. Ask how they handle regulatory change notifications - proactive advisers identify implications for your firm before you have to ask. Avoid consultants who offer generic templates rather than bespoke policies: the FCA expects your compliance documentation to reflect your actual business model, and a one-size-fits-all approach creates regulatory risk rather than reducing it.
How is an FCA compliance consultant different from a law firm?
FCA compliance consultants focus on day-to-day regulatory operations: monitoring programmes, policy drafting, staff training, Consumer Duty implementation, financial crime controls, and FCA notifications. Law firms typically advise on legal risk in specific transactions or enforcement scenarios. For most regulated firms, an FCA compliance consultant is the more cost-effective choice for ongoing compliance support - hourly law firm billing is rarely cost-effective for routine work. MEMA's compliance consultants engage on retainer models, giving you predictable costs and continuous regulatory support rather than reactive, per-hour billing.
How much do FCA compliance consultants charge?
Fees depend on scope: the number and complexity of your permissions, the number of people, products and customers involved, and how much documentation and monitoring already exists. They are agreed in writing in a statement of work before work starts, and clients can see the statement of work in the MEMA client portal.
Can you work alongside our existing compliance officer?
Yes. Support can be co-sourced, with your compliance officer keeping day-to-day ownership while we provide second-line monitoring, an independent view, cover during absence and specialist input. Accountability stays with the firm and its senior managers.
What do you need from us to get started?
Typically your FCA Register entry and permissions, a short description of the business, current policies and the compliance manual, the last monitoring or audit report, and any open FCA correspondence or complaints logs. If some of this does not exist, that is part of what the first review covers.
Ready to Outsource Your Compliance?
Let our team of ex-regulators and compliance experts handle your regulatory obligations.
Phone: 0330 133 0811
Email: contact@memaconsultants.com