The Cost of Compliance

The conferences I've attended this year have been dominated by one single message: the increasing cost of compliance.

Financial pressures are coming from several angles, from the detailed assessments required under the Consumer Duty, resourced required to build MI suites, increased paperwork due to the need to evidence actions taken, additional training burden and ever increasing oversight from clients.

The latter appears to be the biggest challenge, with the FCA driving firms to control their supply chain tightly, we've seen those regulated firms who outsource to others adding to their due diligence, audit and ongoing review requirements. Manifesting in more documents to complete, more information to provide and more time spent in audits the work of compliance is becoming busier, and more expensive.

This is just as true for those in the AR regime, where the recent(ish) updates on the AR framework brought further expectation on the Principle to control and oversee the performance of representatives as well as the need to provide information to the regulator.

Information provision is another increased burden, not only as part of the Consumer Duty's outcomes monitoring requirements but the regulator is data hungry. Take the Product Sales Data requirements about to hit the consumer credit sector - the detailed account level information that is being asked is unprecedented, requiring significant system update. It will also add to the burden on compliance due to the controls needed to ensure the quality and accuracy of the data.

The upshot?

The regulator is expecting more, more from firms, more from compliance and more from front line staff. More than ever we need our teams to be skilled, aware of the standards impacting them and thus, reducing the amount of breaches which also add to the cost of compliance. However, training to that level takes a significant amount of resource in the first place, resource we don't have. Or does it?

This is where our solutions help, our mission is to reduce your cost of compliance. Through ready made policy templates, consumer duty assessments and example reports, we reduce the time you need to spend on your own. Take a look: Compliance Resources | RB Compliance Consultancy

Or through our training solutions, we have great e-learning courses brimming with the information needed for your team to rise to the FCA's standards. The training is hosted by us, so there is no need for you to do anything else other than tell us who the learners are. This way you get your training rolled out at minimum cost. Full list of courses: Online Compliance Training | RB Compliance Consultancy

In fact, 23% of our clients have told us the e-learning has reduced the overall cost of their refresher or induction training. We pride ourselves on making the courses fun - packed full of interactivity to aid memory retention and keep attention.

If you need a chat about reducing the cost of your compliance, email me: [email protected]