What is Commercial Compliance

Maybe we should start by defining Compliance. Many industries now talk in terms of compliance, many industries have an over arching regulator. Our industry, that of Financial Services is possibly one of the most regulated in the history of the modern World. It wasn't always the case. Once upon a time it was possible to set up as a Financial Adviser in one format or another in less time than it takes to watch the an Brit lose a close five set match at Wimbledon. Today there are real exams and regulation that take time and effort and cost money.

Our regulator, The Financial Services Authority has taken a few years to find it's feet but now it is really getting to grips with the industry, delivering new initiatives, special projects and real enforcement. Penalties for failing to meet the standard are high and heavily publicized hitting both the pocket and the reputation of those who flout the rules.

For many years compliance has been seen by many as a barrier to creating wealth. Many times I have heard an organization's compliance team referred to as the business prevention unit, often reveling in returning a failed file to an Adviser and preventing business being processed.

For more than 10 years I have been working with organizations to embed regulatory compliance into their business that not only enables them to conform to the rules but more importantly allows them to use the rules to enhance their customer proposition and their income.

Compliance can and should be used as a tool to generate greater income, stronger customer relationships and a level of professional standing never seen before. Each new FSA initiative should be seen as an opportunity to lift your organization above the competition and develop the commercial edge that  sets you apart.

Blog Mission Statement

The purpose of this Blog is to act as a resource to everyone who works in the UK Financial Services Industry. It will collate information from multiple sources, generate debate and feed back to all contributors. It will show that Compliance can be Commercial.