Using a compliance consultant
1. Compliance and controls are always you and your firm's responsibility.
2. Your firm must have appropriate processes and controls in place.
3. You can't delegate the responsibility for compliance to another party, but you can get help to ensure your controls are appropriate.
The FSA does not require you to use a consultant and many firms are happy to manage their own compliance using the FSA website and firm contact centre.
However, you must have a framework for:
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assessing and covering the risks to your business;
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meeting regulatory requirements; and
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checking your firm continues to be compliant
If you currently use compliance services or are considering doing so, we highlight some key considerations below. You can also look at our factsheet [PDF].