This is the first in a series of articles which throws a spotlight on some of the behind-the-scenes roles here at C&C. Roles which don’t necessarily cross everyone’s path on a daily basis but ensure that the company runs smoothly. And in Alisha Lawton’s case, it’s not just a question of keeping the company running smoothly, it’s keeping it running at all because Alisha is our Compliance Director.
So why is the Compliance Dept so important? Well, the Financial Conduct Authority (FCA) is the regulatory body of the financial services industry and enforces the protection of customers by ensuring financial businesses are run in a safe, secure and appropriate manner. There are 11 (soon to be 12!) overarching FCA principles that we as a company need to adhere to, all of which are easy to understand. However, these principles are underpinned by the FCA handbook, which outlines specific rules, regulations and guidance, and what needs to be done to prove that we adhere to these. It would be fair to say that these regulations pretty much dictate what Alisha and her team need to do day to day, week to week, monthly and yearly. It would also be fair to say that the handbook makes War & Peace look like the Ladybird book of short stories.
At any one time, Alisha and her team of Harriet Burgess (Compliance Manager) and Bev Crook (Senior File Auditor) may be doing anything from updating our existing policies; writing new policies; file auditing; handling complaints; reviewing and monitoring the compliance plan; developing and implementing risk management and governance frameworks; Appointed Representative reviews; which come monthly, quarterly and annually; monitoring our Insurers and TOBA’s; compiling the quarterly RMAR report and any other regulatory returns, whereby the FCA want to see in-depth figures for changes in our quarterly performance patterns; reviewing internal processes and creating our Fair Value assessments (designed to review whether the total price paid is reasonable in comparison to the benefits).
**Deep breath**
And then of course there’s the staff training to inform and deliver on existing and revised regulations such as selling on products; contract certainty; credit broking; data disposal and TCF outcomes, to name just a few, as well as the ongoing IDD requirements to maintain competency in the 8 core areas.
We shouldn’t forget, there’s also the monitoring of any outbound marketing communication such as website, promotions, sponsorship or any kind of financial promotions. And this includes having to sign off news articles for our website, supplied by some **ahem** annoying bloke, on a weekly basis!
With so many plates to spin, you’d think that Alisha would be frazzled, but apparently not. She says: “I love the huge variety that my role brings. There’s always something new to get stuck into, and I love my team (they really are the most amazing people to work with and I’m grateful every day to work with such brilliant, supportive ladies!) The people I work with throughout the business are also great, and seeing the positive impact the staff and our processes have on our clients makes it all worthwhile.”
And in case Alisha and the team ever feel they may be ahead of the curve, the FCA is constantly updating requirements and introducing new regulations, for which they horizon scan on a weekly basis. Recently the team have been carrying out considerable work on revisions to what is required for the new Consumer Duty, working through a detailed implementation plan and monitoring the upcoming changes in the multi-occupancy leaseholder insurance reforms.
There genuinely isn’t the space to share even 1/10th of the tasks that fall under the remit of the Compliance team, with the main focus being on delivering good outcomes for our clients, and whilst it would be quite right to say that all of our roles at C&C are wide and varied, the consequences of failing to comply with the FCA, are heavy.
So, if you ever feel the start of an eyeball roll when compliance is mentioned, please spare a thought for them and know that it’s not a question of being the fun-Police and that their requests are far from being a tick-box exercise. Alisha and the team are delivering regulatory requirements and are ultimately keeping people in jobs, as the FCA can visit a place of work (including homes) for snap inspections and can shut firms down if there is evidence of harm.
It takes a unique kind of person to not only fulfil this sort of role but to enjoy it! And whilst none of the Compliance Dept list ‘crossing Ts and dotting Is’ as hobbies, they are self-confessed organisation and structure lovers. But with so many regulations to cover, track, and report on, thank goodness for all of us, they are!
Thank you for your service #TeamCompliance, and for keeping us on the straight and narrow!
