Compliance and other support

It is not a regulatory requirement for firms to use compliance consultants. If you do decide to get compliance support, it is important to consider what sort of support your firm needs and establish the type and level of service you require.

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.