FCA Compliance Consultants

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.

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.

Typically £2,000-£8,000 per month depending on firm size, complexity of permissions, and the scope of services required. Smaller firms with straightforward permissions may fall at the lower end, while firms with complex regulatory obligations, multiple business lines, or Consumer Duty requirements may need more comprehensive packages. MEMA offers flexible engagement models including monthly retainers, project-based pricing, and ad-hoc advisory hours to suit different budgets.

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 typically costs £60,000-£120,000 per year in salary alone, plus training, systems, and management time. 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.

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.

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.

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 rates (often £300-£600+/hour) make them prohibitively expensive 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.