When it comes to regulatory compliance , falling out of line with the FCA can lead to serious consequences , such as :

• Significant fines

• Firm-wide or individual suspensions

• Legal action

• Negative press

• Damage to your reputation

These penalties can have a long-lasting impact , which is why it ’ s so important for firms of all sizes to prioritize a culture of compliance . By doing so , you ’ ll be taking proactive steps to catch potential risks early and protect your business .

How to Maintain FCA Compliance Long-Term

Staying on top of FCA regulations is essential . Here are some steps to help ensure long-term compliance :

1 . Understand FCA Regulations

Make sure everyone at your firm understands what ’ s expected of them . Start by familiarizing yourself with the FCA handbook , keeping up with any updates , and reviewing other applicable regulations like SMCR .

2 . Meet FCA Authorization Criteria

Ensure you ’ ve met all FCA requirements , including transparent cash flows and clear accountability structures . Appoint a knowledgeable point person to manage FCA-related actions — this shows you ’ re committed to being a trustworthy and wellmanaged firm .

3 . Foster a Compliance-First Culture

Building a strong culture of compliance starts with clear communication , transparency from leadership , and training programs for your employees . Leaders should set the example by prioritizing compliance in everything they do .

4 . Leverage Compliance Software

Use software to help monitor compliance more effectively than manual processes can . This reduces the risk of missing important red flags , making compliance easier , more efficient , and more accurate .

18 | The Adviser Online