Keeping pace with the Financial Conduct Authority’s (FCA) latest requirements has become a central focus for compliance professionals. From strengthening risk-based approaches to ensuring operational resilience, the FCA’s expectations are becoming more detailed and more demanding. For firms across financial services, adapting to these regulatory shifts is no longer just about staying compliant; it is about futureproofing your organisation.
FCA Expectations: From Risk Awareness to Evidenced Controls
The FCA’s recent publications reflect an emphasis on proactive compliance and outcomes-focused regulation. Firms are expected to demonstrate that they not only understand the risks they face, but that they can also evidence the controls they have in place to mitigate those risks.
In particular, the regulator has been focusing on:
- Consumer Duty: With implementation deadlines now in force, firms must show how they are acting to deliver good outcomes for retail customers across all areas of their business.
- Operational Resilience: The ability to withstand disruption, including cyber threats and third-party risks, is high on the agenda.
- Financial Crime Controls: Enhanced scrutiny on Know Your Customer (KYC), Customer Due Diligence (CDD) and transaction monitoring means firms must ensure their AML frameworks are watertight.
- ESG and Sustainability Reporting: Though still developing, expectations around climate-related disclosures and greenwashing prevention are intensifying.
Practical Challenges for Compliance Teams
With multiple regulatory themes evolving in parallel, many firms are finding it increasingly difficult to centralise compliance data, monitor control effectiveness and report on demand. Manual processes, disparate systems and resource constraints only compound the issue.
Key challenges include:
- Keeping policies and procedures aligned with changing regulatory guidance.
- Managing multiple workflows, particularly where compliance relies on spreadsheets or siloed systems.
- Demonstrating audit trails and accountability to satisfy the FCA’s documentation requirements.
- Maintaining up-to-date risk assessments that reflect current threats and regulatory priorities.
Building a Resilient Compliance Framework
To stay ahead, compliance teams need more than just policy updates, they need visibility, consistency and control. That means:
- Automating due diligence processes to maintain compliance without adding unnecessary burden.
- Centralising compliance documentation for easier monitoring, reviews and audits.
- Tracking changes in regulation and mapping them to internal controls.
- Leveraging technology to provide a clear line of sight from risk identification to mitigation.
This is where integrated compliance management platforms can offer significant value. By streamlining processes, facilitating real-time updates and providing robust audit trails, such solutions can help teams shift from reactive to proactive compliance.
Final Thoughts
The FCA’s evolving requirements reflect a growing emphasis on transparency, accountability and agility. For regulated firms, the ability to demonstrate an active, ongoing commitment to compliance is not just a matter of avoiding fines, it is a key component of business integrity and client trust.
At ComplyPortal, we understand the pressures facing compliance teams today. Our platform is designed to support your journey, whether you are enhancing your CDD workflows, improving your risk monitoring, or preparing for your next FCA audit.
From workflow automation to virtual compliance support and team training, everything you need is in one place.
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