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CONSULTANCY  >  Regulatory Visits and Enquiries

Regulatory Visits and Enquiries

We can support you when you have, or need, the regulator's attention. You may need to get the regulator's 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 regulator's 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 to a successful conclusion.

Areas Where We Can Help

Visits

Visits, whether onsite or virtual, can be incredibly time consuming, they distract resources from the day job and if not managed carefully, can cause a great deal of harm.

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

Visits

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

Interviews with the Regulator

Investigations

Benefit from our experience of carrying out internal investigations as well as those driven by regulators e.g. SFO, FCA. Ask us to 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

Investigations

 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

Relationships

Regulatory Reviews

When the regulator asks you to conduct a review, or is reviewing your business, we can advise you on how to manage and handle their enquiries to ensure your company is presented in the best possible light.  

If you or the regulator identifies areas you need to focus on, we can advise you on how you can meet their expectations most effectively. 

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

  • Dealing with the any findings

  • Handling follow on actions

  • Carrying out a healthcheck ahead of any review

  • Dealing with follow up questions from the regulator

Permissions
Reviews

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

Case Study: Regulatory Visits and Enquiries

Avoiding a serious regulatory breach

When a client was contacted by the FCA because their latest regulatory return showed a material deficit in their regulatory capital that they hadn’t notified the FCA about, they were obviously concerned.

 

We spoke to the FCA and arranged for the capital to be brought up to the required level over a few weeks so that no enforcement action was taken.

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