Taking immediate steps to protect your Firm
When there has been a regulatory failure it is necessary to take immediate remedial action to prevent its reoccurrence and, where appropriate, calculate potential client damage.These failures will often lead to either full or partial enforcement proceedings which will place a heavy burden on your Firm, demanding a significant amount of skilled resources and imposing tight timetables for action.
A considerable amount of management time is required to manage the process, and it is essential that your senior management team take independent, experienced and unbiased advice at an early stage to guide your Firm through the process of obtaining the least damaging outcome.
Choosing a compliance remediation partner
CCL’s experienced compliance practitioners can:
- Prepare a root cause analysis showing how and why the failures occurred
- Brief senior management on the conclusions arising from the root cause and work with them on an action plan
- Communicate with the regulator on the remediation plan, its timing and reporting to ensure that a satisfactory resolution is achieved
- Revise or create new policies and procedures in the areas that were deficient
- Train relevant staff in the new procedures
- Conduct past business reviews
- Liaise with the Firm’s legal counsel
- Draft and assist in the implementation of a Risk Mitigation Programme
Enforcement action - when remediation is no longer an option
Where enforcement proceedings are anticipated, we can work with your legal advisers towards the best possible outcome for your Firm. CCL has seen that many S166 (Skilled Persons) reports are flawed. If your Firm has been subject to a S166 review CCL can help you consider and, where appropriate, challenge the contents and opinions contained in the report or come to a more appropriate conclusion.