CONSULTANCY  >  REGULATORY ADVICE

Regulatory Advice

We can support you when you have, or need, the regulators attention. You may need to get the regulators attention when you want to change to your authorisation, permitted activities, get a new senior manager approved, or from issues that arise.

Conversely you may have gained the regulators attention from being invited to take part in a thematic review, a routine onsite inspection, interview with the regulator or investigation.

Many of our clients have larger operations outside the UK and need help in dealing with the FCA in the UK. This is familiar territory for us and we can certainly help you if you have more than one regulator to satisfy.

Whatever the driver we have the experience to help support and guide you through the process.

Areas Where We Can Help

Regulatory Relationships

The UK regulators expect you to manage your relationship with them proactively. The high prevalence of fines for Principle 11 breaches underlines this expectation. The UK regulators expects you to be talking to them and keeping them up to date as your business develops, grows or changes.

We can help you develop your program of regulatory engagement so that you are always seen by the FCA to be being open, honest and transparent with them.

Suggested topics on which we can advise and support

  • Develop a regulatory engagement program

  • Work with you to come up with examples of what notifications are material and which do not require notification

  • Create a regulatory engagement policy and procedures

  • Help you make notifications

  • Coach your senior manager function holders on how to manage their relationship with the regulator

  • Bespoke advice for your business

 

Getting Authorised

Adding a new permission or perhaps seeking authorisation for the first time can be a daunting experience. It's not just about finding the right forms, giving the briefest response possible and clicking submit. You will need to consider carefully how you manage your relationship with the regulator, how well do they know your firm, its clients, services and products? How much of that has or will be changing?

At Leaman Crellin Limited, we've filled in the forms, presented the regulatory briefing, even been on the receiving end of some applications as a regulator. We've got it covered and we can help guide you through the process and time frames to help you register with the fca.

Our approach to authorisations is to be clear about what you need and when you need it. We work with you to identify what the regulator will need and focus on helping you plug the gaps. The end result should be a healthy relationship with your regulator and a clear way forward.

Suggested topics on which we can advise and support

  • Identifying the rules and regulations that apply to your business

  • Developing and evidencing the core frameworks and governance you will be expected to have in place

  • Establishing your SMCR arrangements

  • Dealing with responses and questions from the regulator

  • How to complete the paperwork

  • Bespoke advice for your business

 
 

Regulatory Permissions

We can advise you on regulatory permissions requirements if are expanding your products or services or have found potential gaps in your current permitted activities.

 

We can also help you carry out an audit of your existing permissions to check which you are using and which you may be challenged on by the regulator under their "use it or lose it program".

Suggested topics on which we can advise and support

  • Advising you on which are the right permitted activities for your business

  • Applying for new permitted activities

  • How to handle an unused permission

  • How to handle a gap in your permissions

  • Carrying out an audit of your existing permissions

  • Dealing with follow up questions from the regulator

  • Bespoke advice for your business

 

Interviews with the Regulator

When you apply for a new or​ change to your Senior Manager Function holders under the SMCR, there is always a possibility that the individual will be invited for interview. Success or otherwise of the interview will determine whether the application receives regulatory approval.

 

Generally these roles will almost always be interviewed:

  • chairperson

  • senior or independent director

  • chair of risk or audit committee

  • chief executive officer

  • risk director / chief risk officer

  • finance director / chief finance officer

  • compliance oversight

  • individual with CASS oversight

If you have historically had regulatory issues in a particular area individuals taking on oversight of that area will most likely also be invited for interview. 

We can help you prepare your SMF applications and help individuals prepare for their interview.

Suggested topics on which we can advise and support

  • Conducting mock interviews

  • Advising you on which SMFs you must have for your business

  • Advising how to prepare for an interview

  • How to follow up questions from the regulator

  • Ensuring you have consistency across what you tell the regulator about your SMFs

  • Bespoke advice for your business or individual SMF holders

 

Visits from the Regulator

Visits and investigations by the regulators are usually time consuming, they distract resources from the day job and can have disastrous consequences.

 

From the point that you receive notification that you are going to be visited or are under investigation by the regulator you need to start planning your approach.

We can help you respond to the initial regulatory requests through to managing the onsite work

Suggested topics on which we can advise and support

  • Helping you understand what the regulator is looking for

  • Dealing with known gaps and issues

  • Preparing for interviews and walk through's

  • Handling the regulator while they are onsite 

  • Dealing with the visit report

  • Handling follow on actions

  • Bespoke advice for your business

 

Investigations

We have experience of carrying out internal investigations as well as those driven by the regulator. We can advise you on how to structure your own investigation or run your own work alongside that of the regulator.

You may need advice on whether your own findings are material and the extent to which you should or should not be engaging the regulator. As much as timing around when to talk to the regulator about what you are doing and finding.

Suggested topics on which we can advise and support

  • Helping you structure your own investigation

  • Engaging with the regulator proactively 

  • Handling adverse findings

  • Responding to a regulatory investigation

  • Dealing with firm-specific versus individual-specific issues

  • Dealing with follow up questions from the regulator

  • Bespoke advice for your business