What is compliance in financial services? Put simply, it’s abiding by the rules. The ‘rules’ for financial services are dictated by the Financial Conduct Authority (FCA), and as you can imagine, there’s a long and complex list of rules and regulations that apply to the finance industry.
There are lots of jobs relating to compliance, with 3 main areas of expertise: compliance oversight, compliance manager, and file checker.
Compliance is all about making sure firms are adhering to the relevant laws, regulations and policies by identifying risks, monitoring activity and implementing compliance programs to make sure all of the right rules are observed. Depending on seniority, compliance can also include liaising with management teams and reviewing policy and procedures.
Compliance professionals stay up to date with regulatory changes and have a deep understanding of the frameworks therein; it’s their job to take large amounts of information and interpret it for the rest of the team. Compliance specialists pay close attention to detail and constantly risk assess. Other characteristics include adaptability, integrity and problem-solving.
A solid foundation in file checking is a good start, followed by a deeper understanding of financial services and regulation in general. Below we’ve pulled together a series of e-learning courses to take your compliance knowledge to the next level – they’re all available to complete online.
Opportunities abound for compliance professionals wishing to progress – including compliance analyst, compliance officer, compliance manager and chief compliance officer, also known as CCO.