When to use a compliance consultant
A compliance team needs both sound advice and a reliable way to keep routine work moving. Before bringing in a consultant, be clear about which problem you need help with.
Specialist advice can be valuable when you are interpreting a rule, changing your business or responding to the FCA. Collecting documents and keeping track of deadlines is a different job. Software can help with that, while your team remains responsible for the decisions.
Where specialist advice helps
Applying for authorisation
An experienced adviser can help you understand the application, test your business plan and identify gaps in your arrangements.
Responding to the FCA
If you face a supervisory enquiry or enforcement matter, get advice suited to the situation. A task list cannot assess the legal or regulatory implications of your response.
Assessing a change to your business
A new product, activity or business model may raise questions about permissions, controls and customer outcomes. These need a considered assessment.
Merrin’s features support AR oversight records and tasks. They sit alongside that specialist advice.
Separate advice from routine admin
Ask which parts of the work need professional judgement and which parts need a consistent process. Often you need both. Making the routine work easier gives the adviser and your own team better information to work with.
Scheduled returns, for example, help collect information. Someone still needs to consider what the information means.
Where software can help
Collection and deadlines
Schedule returns, give each person a clear task and see what is overdue. Your team can follow up the gaps without rebuilding a collection list each period.
Checks and findings
Monitor register information and record changes against the firm. Give findings an owner and keep track of the investigation and response.
Review preparation
Put records, checks and evidence together before the review. Keep the approver’s decision with the information they considered.
Filing records
Prepare the information needed for an FCA filing. Your team submits it on Connect and records the reference and outcome.
Keeping the evidence together makes it easier for both your team and your adviser to follow the history.
Agree who does what
Before you commission work, agree the scope, the information required and who is responsible for the final decision. Make sure your own team can access the records and understands any actions it needs to take.
Schedule a demo if you want to see how Merrin supports the routine work.
Three questions to ask
- What advice or judgement do we need?
- Which tasks repeat, and could we organise them better?
- Who will keep the evidence and follow up the actions?
The answers should help you decide where a consultant would add value and where your team needs better tools. Explore Merrin to see the tasks it supports.