Compliance and other support

If you decide to get compliance support, it is important to consider what service your firm needs. See what types of support maybe helpful to your firm.

There are lots of different levels of service available. Make sure that any service you choose will address your objectives and help ensure you are compliant. Some of the services commonly provided include:

  • initial risk assessment
  • business development
  • help with procedures
  • file audits
  • technical support
  • training, and
  • professional indemnity insurance (PII) cover

Outside support

If you do decided to use outside support, you should consider:

  • using an appropriate level of service. Different firms have different requirements; do not purchase something you do not need
  • the relationship and extent of the services provided should be driven by you
  • how you will monitor the quality and appropriateness of the services provided

You cannot outsource your regulatory obligations and the responsibility for oversight still remains with your firm.

Compliance is your responsibility. If we find inadequate controls in your firm, we may take action against you.

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