Compliance tip: How to deal with regulatory change

Regulatory change can leave firms struggling to keep pace and maintain effective compliance. To ensure a successful and sustainable response to regulatory change, firms should consider the following areas.


Culture is the foundation of any business and if a firm’s culture is not sufficiently client-focused it will be unable to consistently deliver the right outcomes. While it is often tempting to focus on making smaller changes at the edge of an organisation during periods of regulatory change, addressing any underlying cultural issues will enable firms to adapt more effectively to forthcoming changes and respond to client need.

Business model

An effective business model is one that enables the firm to meet its objectives in a profitable manner, but is also flexible enough to enable firms to react to changing market conditions and client needs. To achieve this, business models need to be underpinned by effective governance, with senior management taking an active role in ensuring all areas of the business are controlled effectively and are setting the tone from the top.

Balanced objectives/strategy

Firms need to ensure their strategy has the right balance between commercial objectives and client outcomes. The FCA is focused on the outcomes clients receive, so if business decisions do not result in their fair treatment, any commercial gains are likely to be short lived and could ultimately result in regulatory censure.

Phil Deeks is technical director at TCC


Compliance tip: Key changes to comply with Mifid II

The Insurance Distribution Directive, General Data Protection Regulation and Mifid II all impact how firms interact with clients, leading to necessary changes to client agreements. Here we consider the main alterations that will need to have been made to comply with Mifid II. It has always been necessary to describe the service to be received […]

Phil Deeks

Compliance tip: The right training to support vulnerable customers

The FCA’s focus on vulnerable customers shows no sign of abating, with its recently published Future Approach to Customers once again highlighting its expectations firms treat them fairly by providing a flexible and tailored response. But just as there is no ‘”one size fits all” definition of vulnerability, there is also no single way to […]

Compliance tip: An important reminder about PII

From 23 February, the Insurance Distribution Directive will set new minimum levels of professional indemnity insurance for firms involved in the distribution of insurance products. This affects all firms advising on, arranging or managing non-investment insurance contracts (pure protection contracts and life policies such as long-term insurance contracts and annuities), insurance-based investment products and general […]

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A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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