What is the ACC Compliance Service?

The ACC, in collaboration with leading law firm, Short Richardson & Forth, have launched a compliance service for all CMCs who will be seeking FCA temporary permissions and authorisation from January 2019.

As the regulator of CMCs changes from the MoJ to the FCA, many CMCs will confront one of their biggest compliance challenges ever in moving their authorisation to trade to the FCA. As the FCA have recently consulted on the draft CMCOB, compliance teams will now need to get to grips with the world of PRIN, COND, SUP, DISP and others as they seek to continue helping consumers into 2019 and beyond.

How does the ACC Compliance Service help?

This service is designed to help CMCs in this process and achieve a unified set of standards for FCA authorisation across the profession. All CMCs can access the service, though ACC members receive a discounted rate for the service.

We offer a comprehensive package of support to CMCs who access this service, and the team at Short Richardson & Forth will guide you through the process of authorisation, application and beyond.

 

Who is the team behind the service?

 
SRF Regulatory Unit

With offices in Newcastle and Manchester, Short Richardson & Forth have provided robust legal solutions for some of the country's largest companies for almost 40 years. However, they also pride themselves in extensive SME experience – providing fantastic service with exceptional value for money throughout the legal maze that can become a burden for many businesses. Fresh and innovative thinking towards how their clients engage lawyers has led them to create custom packages that provide all the cover and legal back-up you need, for a fixed monthly or annual cost.

 

The service will be led by Andrew Swan. Andrew is the Head of the Financial Crime and Regulatory Teams. He has a wealth of advocacy experience in appearing before the criminal courts and regulatory tribunals. Not only has Andrew successfully dealt with many large and complex white-collar crime cases, including fraud, tax evasion and money laundering, he also deals with many investigations and prosecutions by the various regulatory bodies. Andrew is particularly renowned nationally for representing clients in respect of data protection breaches, dealing specifically with the Information Commissioner's Office and the Ministry of Justice. Andrew has worked with many CMCs in recent years and has an unrivalled knowledge of the profession.

Andrew Swan
 

What is the process?

1

Initial Assessment

August 2018 to September 2018 (Suggested timescale)

Getting to know you

  • SRF agree dates to visit your offices to:
    • Work with you to complete a thorough questionnaire covering:
      • Your current practices, policies and procedures
      • Details of senior and key personnel
      • Employee details, contracts of employment and staff handbooks
      • Your existing business model and trading history
  • SRF collect all of your existing policies and procedures
  • SRF carry out an initial review of your completed questionnaire and existing policies and procedures
 
2

Implementation

October 2018 to March 2019 (Suggested timescale)

Getting you ready, willing and organised

  • SRF thoroughly review and amend your existing compliance regime, tailored to both your needs and the FCA standards
  • SRF create new policies and procedures, as required for FCA compliance and with your commercial needs in mind
  • SRF agree dates to attend your offices for:
    • Implementation of amended and new policies and procedures
    • Training for senior management, key personnel and employees, on areas such as:
      • General FCA compliance
      • Specific areas of compliance such as CMCOB, PRIN, SUP, COND, DISP, SM & CR, SYSC, GEN
  • By the end of the implementation stage our goal is to have both your firm and your personnel FIT to apply for FCA authorisation
 
3

Application

April 2019 to May 2019 (Suggested timescale)

Crunch time

  • SRF pull together all the information and documents created during the implementation stage
  • SRF agree a date to attend your premises to complete and submit the application
  • Allocation of an FCA caseworker to liaise with SRF to deal with any ancillary matters
 
4

Ongoing Maintenance

June 2019 onwards (Suggested timescale)

It ain’t over yet

  • Part of the FCA regime is ensuring ongoing compliance
  • You will be required to submit reports
  • SRF provide ongoing support, training and updating of documents in relation to your continuing compliance
 

Cost & Benefits

 

Package 1

ACC member rate of one day per month, plus 4 additional hours: £3,000

Non ACC member price: £3,500

Package 2

ACC member rate of two days per month, plus 8 additional hours: £5,750

Non ACC member price: £6,500

 

Additional days will be charged at a standard daily rate of £2,750, whilst additional hours will be charged at a standard hourly rate of £275.

All prices quoted are limited to ACC members and are exclusive of VAT.

Additional days (non-member rate £3,000) Additional Hours (non-member rate £300)

 

As part of the service being provided by Short Richardson & Forth, the ACC will offer the following membership discounts:

15% discount on ACC membership when taking out Package 1*

25% discount on ACC membership when taking out Package 2*

*All offered discounts are subject to the compliance service being taken out for a minimum of 6 months.

 

Contact

For further information on the ACC compliance service, please contact:

Regulatory Unit
Short Richardson & Forth
4 Mosley Street
Newcastle upon Tyne
NE1 1DE

Tel: 0191 232 0283

or

3000 Aviator Way
Manchester
M22 5TG

Tel: 0161 266 1023

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