The responsibility for operating within the regulatory framework rests with financial services business’. Those companies who find themselves operating outside the complexities of this regime may find themselves facing onerous penalties.
Momenta bring an expert and impartial perspective on a number of key areas and develop key strategies to allow a business to achieve it’s objectives without risk of regulatory censure:
Retail Distribution Review:
Treating Customers Fairly:
- Training and education
- Advice on establishing a TCF initiative
- Project management to support your TCF initiative
- Technical assistance to support your understanding of your TCF obligations,
- Supply you with interim/ seconded compliance resource to support your compliance arrangements
- Review and report on the adequacy of your TCF project
- Establish MI and advise on how best to use the information to improve the way you treat your customers fairly.
In summary, we will support and advise you on ways to consider the needs of your customers at all stages of the product life-cycle; and, help you to establish the requisite MI needed to monitor the success of your TCF strategy.
Preventing Financial Crime:
Safeguarding the integrity of your business is good business. That is why we have developed a range of advisory, training and ‘corrective action’ services for all of those involved in corporate compliance.
Dealing with conflicts of interest:
- Provide induction, ongoing or remedial training and coaching to your staff on the latest regulation relating to conflicts management and how it might impact the way you do business,
- Review your conflict management systems and controls and advise on how they might be strengthened
- Supply you with interim/seconded compliance resource to support your conflicts management arrangements assisting you in meeting your regulatory obligations.
ARROW visits:
We offer you the opportunity to re-assess the knowledge and understanding of your senior management team and subsequently offer them refresher training to ensure that they are confident when answering questions from the FSA ARROW team.
Sessions can be tailored to suit your needs, for example, a newly appointed CEO from outside the financial services sector requires an entirely different approach to an experienced industry professional who has been an Approved Person for some time
Contract Certainty:
- Review the manner in which new insurance products are developed including a review of the process and systems in place to design, specify, draft and approve new products. This will include interviews with management and procedure reviews of how new policy ideas are specified, how instructions for design are provided to legal department, how instructions are translated into drafting and how instructions for design are provided to operations department
- Review and provide recommendations on your systems for specifying and designing administration and support systems for new products. This includes a review of how your Operations Department translate instructions into operation systems and IT support for new products
- Conduct a review of the arrangements you have in place for training of Operations, Legal, Compliance, Complaints Handling, Business Monitoring Units, Marketing and Training Department personnel, on new policy terms and conditions
- Review the process for escalation of litigation and investor complaints concerning policy terms into the organisation and new policy design.
- Provide induction, ongoing or remedial training and coaching to your staff on the latest FSA regulation impacting how you design, implement new policy terms an conditions.
We can supply you with interim/ seconded compliance resource to support your review of policy terms or assist you during in forthcoming product launches.
Systems and Controls:
At Momenta, we can supply you with interim compliance resource to support your internal compliance arrangements, or provide you with expertise and project management to assess the appropriateness of the compliance arrangements you have in place.
MiFID advice:
- Provide induction, ongoing or remedial training and coaching to your staff on emerging MiFID regulation and what it may mean to your business,
- Review your current senior management systems and controls and your ability to deal with emerging MiFID related rules as they emerge
- Review and report on the effectiveness of your arrangements to implement MiFID regulation
- Supply you with interim/seconded compliance resource to support your work on assessing and advising on new regulatory issues and how they are implemented within your organisation
- Project management to support your MiFID initiatives
- Provide you with technical assistance to support your understanding of your MiFID regulatory obligations.
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