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Regulatory Compliance Consulting

Regulatory Compliance Consulting

Financial services regulation has presented and will continue to present major challenges and opportunities to all financial services firms. What was once a local issue is also now global, gaining in complexity, constantly evolving and impacting every business and customer driven activity within regulated firms. Regulatory risk and compliance is now firmly on the radar of senior management and the board. Non-compliance is costly and disruptive, with the regulators demonstrating that there are meaningful consequences to any non-compliance or failure to demonstrate ‘good’ consumer and market outcomes.

Eversheds’ regulatory compliance consulting team forms part of a global multi-disciplinary financial services regulatory and compliance group that includes consultants, leading lawyers, former regulators and experienced governance, risk and compliance practitioners. Our team is aligned to key industry sectors including asset management, retail and wholesale banking, wealth management, general insurance, life insurance, London markets, consumer finance and private equity sectors.

We are one of a small number of law firms appointed to the FCA’s skilled persons’ panel to undertake s166 skilled person reviews. The areas we can act for firms in respect of Skilled Persons work include “Lot 4” Governance, Controls and Risk frameworks, “Lot 5” Conduct of Business and “Lot 7” Financial Crime. We have also been involved in investigations and s166 skilled person reviews relating to issues such as PPI, LIBOR, client assets, Conduct of Business (“COBS”), financial crime, mis-selling, reviews of compliance functions and governance.

As a leading provider of regulatory and compliance consultancy services, Eversheds is able to help you navigate the various challenges of financial services compliance. Our people have a clear focus on helping firms achieve their desired outcomes. We partner with our clients and this, together with our pragmatic, hands on approach, ensures we achieve the best results for our clients, their staff and their customers.

Regulatory compliance service areas

Our services across all of our sectors include

Review services

  • strategic reviews, testing and valuation of key functions and regulatory change
  • review of product design, channels of distribution and alignment to corporate values, regulatory expectations and consumer outcomes
  • assistance with compliance and risk monitoring
  • business quality assessments and suitability reviews

Governance and risk frameworks

  • critical review and assessment of governance arrangements
  • assessment of current risk management frameworks, processes and staff competence
  • design, development and implementation of risk management frameworks
  • critical analysis of stated risk appetites

Products and financial promotions

  • review of new product development systems and controls
  • review of financial promotions
  • consideration and advice in relation to new products and the value they bring to consumers, including the measures needed to ensure fair customer treatment

Operating models

  • critical assessment of whether operating models drive the right behaviours and outcomes
  • reviews undertaken through interviews and detailed testing of systems and controls and the resultant product or service for the consumer
  • due diligence to review robustness of operations

Due diligence

  • buy side or sell side regulatory and corporate support
  • regulatory focus areas based on business model, operations and priorities
  • pragmatic approach to implementation of post deal regulatory integration plans

Past business reviews

  • organisation and undertaking of reviews on a standalone basis or as part of other work
  • development of tools to assess business/transactions in line with desired outcomes i.e. what is the review seeking to ascertain?
  • provision of detailed conclusions and results including root causes of any issues
  • provision of pragmatic advice on remedial action required

Senior management responsibilities

  • coaching and training of senior individuals or those seeking to take up these roles (external/ internal recruits)
  • mock interviews to assess the knowledge and experience of the senior manager and whether they are able to carry out their responsibilities
  • delivery of training to boards, senior managers and other relevant people in respect of their responsibilities, the regulators’ expectations and how to ensure conduct outcomes remain central to decision making

Financial crime

  • reviewing policies or drafting new policies to ensure evolving risks are identified
  • providing advice and support throughout any investigation brought about as a result of alleged non-compliance
  • considering factors such as industry, customer type, product and jurisdictions to identify the areas of highest risk within your business and dealing with mitigation strategies
  • reviewing the implementation of policies and procedures and conducting benchmarking exercises on control effectiveness
  • considering the operational effectiveness of end to end processes and providing advice on industry best practice and regulatory expectation
  • designing and delivering tailored training to ensure risk sensitive awareness across a business

Regulatory change

  • MIFID II
  • senior managers regime
  • consumer credit
  • mortgage market review
  • financial crime
  • pensions and retirement market
  • UCITS V
  • AIFMD 3rd Country Passport

Other areas of expertise

  • Skilled Person Reviews – governance, conduct and financial crime
  • Training
  • FCA authorisations
  • Complaints handling and support

Whistleblowing

New whistleblowing rules in the financial services sector

A consultation exercise by the Financial Conduct Authority and Prudential Regulation Authority in 2015 specifically highlighted encouraging whistleblowers to raise the alarm as a powerful tool for identifying wrongdoing.

View our whistleblowing brochure.

FCA's Approach to Supervision Guide

FCA's Approach to Supervision guide

Our FCA's Approach to Supervision guide takes you through the different elements of the FCA’s supervision model and explains the areas of focus for the FCA..

Register to download our FCA's Approach to Supervision guide.

Contact us

David Saunders, Partner

Ian Stott, Managing Director

Eversheds Consulting - global legal consulting services
Eversheds Agile - flexible working solutions
Financial services regulation and compliance legal services
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