Project Overview
A UK FCA-authorised compliance consultancy providing outsourced compliance services to 85 FCA-regulated firms ...
Technology Stack
Compliance & Standards
The Challenge
A UK FCA-authorised compliance consultancy providing outsourced compliance services to 85 FCA-regulated firms (IFAs, wealth managers, and insurance intermediaries) needed to build a RegTech compliance monitoring platform — replacing manual email-based compliance monitoring with automated FCA rule monitoring, incident tracking, and Board reporting. FCA SM&CR (Senior Managers and Certification Regime), SMCR individual conduct rule monitoring, Consumer Duty outcome monitoring, and ICO registration status were the requirements. Budget: £90,000.
Our Approach
FCA Register API
- automated daily check on each client firm's FCA registration status, permissions, and approved individual status.
- SM&
CR individual monitoring
approved persons list per firm cross-referenced against FCA Register — automatic alert if approved individual status changes (withdrawn, cancelled, prohibited).
Regulatory news feed
FCA Enforcement notices, Dear CEO letters, and FCA Primary Market Bulletins automatically ingested and relevance-tagged per client firm.
Consumer Duty Outcome Monitoring Framework
FCA Consumer Duty (PS22/9): firms must monitor outcomes across all four outcomes (Products and Services, Price and Value, Consumer Understanding, Consumer Support).
Platform provides
- outcome monitoring dashboards with firm-level RAG status, complaint analysis (categorised by Consumer Duty outcome), customer research scheduling (annual consumer testing requirement), and fair value assessment workflow (price and value outcome documentation).
- SM&
CR Certification and Training Tracking
SM&
CR Certification Regime
solo-regulated firms must certify individuals annually.
Platform
individual certification due-date tracking, certification assessment workflow (competency evidence upload), annual renewal reminder cascade (90 days, 30 days, 7 days), and Training Year record (annual FCA conduct rules training completion per individual).
Conduct Rule breach
incident recording, root cause analysis, and self-reporting to FCA workflow.
Monthly compliance report for each client firm
- automated from monitoring data.
- FCA-standard structure: regulatory change summary, breach/incident log, SM&
- CR status, Consumer Duty outcome RAG, and upcoming regulatory milestones.
- PDF report generated automatically.
Board distribution
email delivery to registered Board members.
Audit trail
every report version retained with delivery confirmation.
The Results
Platform live at 14 weeks, £82,000 — under budget.
FCA Register monitoring: 85 firms monitored daily (previously weekly manual check).
FCA status changes detected: 6 in first 6 months — all flagged before client became aware.
Consumer Duty outcome monitoring: 100% of client firms with documented monitoring frameworks (previously 34%).
SM&CR certification: 98% on-time completion rate (previously 78%).
Board report generation: 3 hours per firm per month → 15 minutes automated.
“6 FCA status changes detected before our clients were aware — that is the platform justifying itself in the first 6 months. 98% SM&CR certification on-time versus 78% manually. The Consumer Duty outcome monitoring framework being at 100% of firms — previously we were at 34% — is the metric that will matter most at the next FCA supervisory visit." — Managing Director, UK Compliance Consultancy (name withheld)”
Project Details
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