In January 2020 the FCA said that “Control over outsourcing is a key part of operational resilience”. This How to Guide brings together best practice, relevant regulations and, roles and responsibilities in a practical framework that you can use to self assess your own framework, select sections and turn them into internal procedures or just add your firm details and adopt it as your internal outsourcing policy. The How to Guide explains the relevant regulations such as the CRD, MiFID and of course SYSC.
When implementing any regulation a certain tolerance has to be set for regulatory risk. In this How to Guide that regulatory risk tolerance is set for businesses wanting to show they are taking outsourcing seriously and doing the right thing in their firm based on real regulatory and compliance advisory experience of what other firms are actually doing as best practice, and what the FCA has said they expect.
The How to Guide covers:
- Key messages to use internally
- What to include in the written agreement
- The current and historic rules, and guidance
- Regulatory notifications
- The relationships that need managing
- An outsourcing checklist
The How to Guide is written succinctly and has the crispness expected in wholesale firms whilst getting to the point. The main document is 11 pages long, as it carefully covers all of the rules and regulations. The six-page outsourcing checklist is included as an annex. The framework avoids use of regulatory jargon and legal terminology, but includes definitions of the key terms used when referring to outsourcing.
The How to Guide enables you to apply your own firm's branding and inhouse terminology as it has in plain background and black and white.
We also provide an Outsourcing training pack in the shop that supports implementation of this framework.
How to Comply with FCA Outsourcing Rules
This file is in Microsoft Word (*.docx) format. It is also available from our store in Word 97-2003 (*.doc) format.