If you are applying for regulatory permissions, you are expected to attach a copy of your compliance manual to your application. If you are already authorised, then a compliance manual is an efficient way of grouping and summarising your key policies and procedures for the business.
A compliance manual is occasionally used by smaller firms as an alternative to having multiple individual policies where an element of the regulations that apply to the business have a limited impact and don’t warrant a stand-alone policy.
As with your policies and procedures a compliance manual should be easily understood by your business, your target audience. For that reason it is sensible to ensure the language used is clear, avoids regulatory jargon and is tailored to the regulated business.
This compliance manual covers the key elements required by the PRA and FCA for new authorisations and changes to permisisons. It includes topics that are fundamental to your regulated entity and clearly takes your business through what they as individuals need to do to help your firm comply with the regulators expectations. There are placeholders throughout the document for you to drop in text or links that are specific to your own firm. Thus giving you a tailored compliance manual, which is what the PRA and FCA will expect you to have.
The document is written for your front office and support functions and so presumes limited existing knowledge about rules and regulations. It deliberately avoids using regulatory references and explains key regulatory terminology in a business context. It is also written so that individuals coming in to the UK having worked under other regulatory regimes overseas, can understand the delta for being in the UK.
The manual uses plain formatting with a few basic diagrams that you can easily edit if you wish to further tailor the manual to your own business.
The compliance manual is 19 pages long and covers:
- An overview of regulation in the UK
- The pillars of the UK regulatory regime
- Personal accountability
- Management and governance
- Market conduct
- Combatting financial crime
- Protecting customers monies and assets
- Adequate financial resources
- Fair treatment of customers
- An attestation for individuals to sign
The manual is fully editable by you with standard MS Office fonts and graphics.
The manual is specifically written for someone outside the UK, and not familiar with the UK regime, to follow and publish.
This file is in Word 97-2003 (*.doc) format. It is also available from our store in Microsoft Word (*.docx) format.