Compliance & Risk IFA CF10

Coast Specialist Recruitment
09 Feb 2017
09 Mar 2017
Contract Type
Full Time

Compliance Oversight Function - (CF10)

Relevant Skills and Knowledge

  • Broad base of complianceknowledge
  • Specific understanding and knowledge of relevant FCA rules and guidance including conduct of business and SYSCrules
  • Good understanding of other relevant legislation, including that related to financialcrime
  • Ensure that the firm maintains accurate, detailed and up to date compliance records across all areas of the firm’sbusiness
  • Ensure the firm can respond to requests for information from the FCA and provide the requisite notifications to theFCA
  • Ensure appropriate ethical standards exist within thefirm
  • Ensure knowledge of the necessary regulatory requirements is kept up todate
  • Ensure the firm continues to meet its threshold conditions(COND)
  • Report to the firm’s senior management team on a regular basis on all relevant compliance issues - quarterly via Boardmeeting
  • Produce a formal compliance report for the firm’s senior management on a periodicbasis

General Responsibilities

e.g quarterly as above

  • Support Directors helping to manage relationship with the FCA to ensure requirements of Principle 11 are continuallymet
  • Comply with the Financial Services and Markets Act 2000, the FCA Statements of Principle & Code of Practice and the relevant FCA rules at alltimes
  • Comply with the relevant compliance, TCF, T&C and financial crime (anti-money laundering, , anti-bribery, fraud and corruption) procedures of the firm at alltimes
  • Allocation of responsibilities - Review at least annually or on a needsbasis
  • Ensure, where relevant, that the following areas are up to date and correct within regulation:

Specific Responsibilities

o Recruitment - support ManagingDirector

o T&C


o Advice and sales practices - WithDirectors

o Financial crime (anti-money laundering, data security, anti-bribery, fraud and corruption) - supportingMLRO

o Financial promotions - supportDirector

o Complaints - Support ManagingDirector

o Appointed representatives - if any takenon.

o Notifications - support Director with thisresponsibility


o Compliance

o Riskassessment

o Managementinformation

o Recordkeeping

o Insurance mediation - supportDirectors

o Business continuity and disaster recovery - support ManagingDirector

  • Ensure that the firm implements fully its risk based compliance and financial crime procedures
  • Support Managing Director in order to ensure that all regulatory reports required by FCA are submitted ontime
  • Ensure the firm keeps up to date management information and that any adverse trends or recurring problems identified are passed on to the relevant individuals within thefirm
  • Ensure any delegated activity to a third party is continuallyreviewed
  • Support Directors to ensure that adequate professional indemnity insurance cover is in place at alltimes
  • Support Managing Director to ensure that the firm had adequate data security policies and procedures in place and that these are implementedproperly

Advice and Sales Practices

  • Ensure all advisers, investment managers and new business administrators are aware of any relevant guidance in the areas in which they work and have received appropriate training on any new markets or products in which the firm isinvolved
  • Ensure all T&C supervisors regularly review the relevant individuals’ client files as required by the firm’s relevantprocedures
  • Review any complaints against the firm and investigate in accordance with relevant regulator’s complaints handlingrules
  • Ensure that the six monthly reports to the FCA are submitted within the correcttimescale
  • Ensure all staff are aware of the firm’s complaints handlingprocedures


Financial Promotions - Support Director

  • Ensure all financial promotions are approved and recorded on the firm’s financial promotionregister
  • Ensure all staff are aware of the requirement not to issue any financial promotion without the approval of the compliance oversightfunction
  • Ensure that the firm’s recruitment procedures meet the regulatory requirements and are adheredto

Recruitment - Support Managing Director

    • Ensure all approved persons read and understand the FCA Code of Practice for approved persons and the firm’s internal personal account dealingrules

    • Ensure any new recruits are trained in the firm’s relevant procedures including complaints, financial crime, TCF, T&C andwhistleblowing

    • Ensure any approved persons are approved by the FCA before undertaking the role and that all retail investment advisers (RIAs) have obtained a relevant statement of professional standing (SPS) before providing advice toclients

    • Ensure that the FCA is notified of any approved person ceasing to perform a controlled function or changes in theirdetails

    • Ensure that all approved persons are assessed as fit and properannually.

Training and Competence

    • Ensure that all approved persons are subject to the necessary levels of supervision outlined in the firm’s relevantprocedures

    • Ensure that adequate records are beingmaintained.

    • Ensure that all RIAs have a currentSPS

    • Ensure that any non-advising approved person is competent for the role they undertake, by formally reviewing this on an annual basis in line with the T&Crequirements

    • Ensure that any advising principal has maintained a relevant and adequate record of CPD and KPIs by formally reviewing this on at least an annualbasis

Appointed Representatives - If and when appointed

    • Ensure the relevant regulatory requirements are met and that the appointed representatives are effectively monitored andassessed

NB: This forms part of your contract ofemployment.