FinTech Compliance – Navigating the Complexities of Financial Services Compliance with Clarity and Innovation

FinTech Compliance was founded with one clear purpose: to provide solutions, not problems. Too many companies in current day space overload their clients with jargon and unclear answers, when all they need is for someone to cut through the terminology and provide clear, practical outcomes. At FinTech Compliance, they do things differently.

FinTech Compliance emerged in response to the growing demand for specialized FCA Compliance expertise within Technology-based, Innovative, and Alternative Finance sectors. It stands as the pioneering consultancy in Financial Services Compliance, uniquely tailored to these areas. Although equipped to serve various financial service firms, its primary focus remains on shaping the future of financial services.

FinTech Compliance’s Ethos

FinTech Compliance operates with a distinctive approach to solving clients' compliance challenges. They navigate regulatory rules with precision and integrity while being attuned to the practical realities of the business world. Their methodology ensures that compliance efforts are not merely about paperwork and checkboxes, allowing businesses to thrive while meeting regulatory standards. The team collaborates closely with clients, simplifying complex compliance issues, outlining weaknesses clearly, and crafting realistic action plans without overwhelming jargon.

With a focus on the finTech and innovative finance landscape in Europe, FinTech Compliance stands out for its in-depth understanding of these sectors. They recognize that many disruptive businesses face hindrances due to regulators not fully comprehending their offerings. Leveraging their unparalleled expertise in financial services legislation and profound knowledge of the finTech industry, they bridge the gap between businesses and regulators. Each consultant possesses advanced qualifications and extensive experience, not only in financial sectors but also in various industries. This diverse background enables them to provide compliance advice that is not just theoretical but practical, clear, and realistic.

In essence, FinTech Compliance operates under the philosophy of never saying "no" without providing a viable pathway to "yes". Their commitment lies in guiding businesses toward compliance while ensuring practicality, clarity, and a realistic approach every step of the way.

FCA Applications for Authorization

In the ever-changing regulatory landscape, businesses need to navigate the FCA Authorisation process accurately. For them, having a strong business idea and a competent team is essential, but gaining FCA approval in the UK demands convincing the regulatory body that their operation aligns with the stringent "Threshold Conditions" for authorization. It is crucial to demonstrate compliance with all relevant rules. Failure to do so could mean the end of the road for the business.

A specialized service provider understands the complexities involved. They have the expertise to swiftly comprehend the business model, categorize the firm, identify the products offered, and grasp the specific regulatory requirements. Collaborating with the business, they construct an application that clearly outlines the intended business activities. This application is crafted in a manner that is comprehensible not only for the Regulator but also for other compliance and legal professionals, ensuring a smooth and successful authorization process.

FinTech Compliance is committed to providing personalized assistance throughout the FCA application process. They emphasize tailoring and finalizing all the necessary documents to be submitted to the FCA. In this collaborative effort, clients are actively involved, as most of the documents and policies necessitate their input. The service provider offers hands-on support, offering comprehensive guidance on working versions. This approach enables clients to refine the documents to a level of quality that satisfies the FCA's requirements, ensuring a smooth application experience.

Retainer Services

The service offered is an ongoing retainer-based service, tailored to meet the specific needs of businesses seeking comprehensive compliance support. For companies lacking in-house expertise, the service provider offers assistance in managing their in-house compliance monitoring program. This includes providing periodic risk-based compliance reports that focus on specific areas of the business. Additionally, clients receive continuous advice and compliance assistance as needed.

For businesses that already possess in-house expertise, the service complements the existing team. The level of involvement from the service provider can be customized based on the client's preferences. The approach is proactive, involving routine visits to the client's premises to discuss new regulatory developments, overall business operations, and items requiring compliance review. Regular reports are delivered to keep the client informed about the compliance status within the firm. If any corrective action is necessary, the service provider recommends appropriate remedies and can execute them upon request.

This service is highly flexible and scalable, accommodating varying needs, starting from as little as one day a month. In the event of ad-hoc projects, they can be addressed within the existing retainer agreement. The service, named COMPLY, encompasses telephone and email support and a specific number of on-site days or dedicated off-site support, based on the client's requirements. For firms with minimal needs, a reduced retainer service is available to suit their compliance requirements.

Apart from providing guidance and advice, the service provider actively assists in implementing necessary changes to align the business with recent and upcoming laws and regulations, such as the General Data Protection Regulation (GDPR), MiFID II, and the FCA's Senior Managers and Certification Regime (SM&CR). The focus is on proactive support, ensuring that the business remains compliant and adaptable in the face of evolving regulatory landscapes.

Comply Audit

FinTch Compliance’s COMPLY Audit service can assist you by conducting a thorough review and helping you see if there are any deficiencies in the current compliance procedures at the firm. This can be a full health check, or a targeted audit of a specific area; AML, GDPR, or any other regulated area of your business. The service provider conducts a comprehensive compliance assessment, delving into adherence to all relevant FCA regulations. Through this in-depth analysis, they identify areas where existing procedures meet the requirements and pinpoint areas needing further attention. The results of this assessment are integrated into their modular Risk-Based Compliance Monitoring Programme, outlining the specific rules applicable to the firm and detailing the audit process undertaken.

Following the completion of the compliance audit, the service provider prepares a Compliance Audit Report for the Board. This report provides a detailed overview of the firm's compliance status, including findings from the assessment. It also offers a set of recommendations aimed at enhancing the compliance regime within the company.

Upon receiving the Compliance Audit Report, the service provider collaborates with the client to create a structured plan of action. This plan outlines the necessary remedial work to ensure the company aligns with current regulations. The client has the option to implement these actions independently or can choose to engage the service provider to execute the recommendations on their behalf. This approach offers a flexible and tailored solution, allowing businesses to address compliance issues effectively and efficiently.

Gilbert van Roon | Founder & Managing Director

Gilbert founded FinTech Compliance in early 2016 as the UK's first specialist FinTech compliance consultancy. He holds the CISI's Level 6 Diploma in Investment Compliance - including a certificate in combating financial crime - and the Investment Management Certificate from CFA (IMC). He has experience working with firms across the financial services spectrum, including payments, crowdfunding, investment banking and insuretech. Gilbert started in financial services in an operational role within a boutique investment manager, and then spent four years rising through the ranks as a compliance consultant in a leading City consultancy firm. Top of Form

“Empowering businesses with clarity and practical solutions, we cut through the jargon to shape a compliant future for financial services.”