Over the years, FCA compliance advisors have become indispensable in the business industry. Most if not all companies have at least a compliance advisor which help them record and organise important data as well as meet the requirements of FCA. Though FCA compliance advisors are important, there are still people who are reluctant in hiring FCA compliance advisors. If you do not know when to hire the FCA compliance advisors such as Pragmatic Compliance, there are the instances which require the help of a compliance advisor.
- When you are operating in UK – FCA or financial conduct authority is a governing body in the UK which covers the financial services industry. Therefore, as long as you are operating in UK, you might want to hire FCA compliance advisors as soon as possible or risk being penalized by the FCA. A penalty which could be a year suspension or permanent ban is never good for any businessman.
- If your business is growing or expanding – Some small size business like a shop or a store does not necessarily have or need FCA compliance advisors. However, once the business starts growing or expanding, the size and fund of the operation will require a compliance advisor. Without a compliance advisor, the risk of intervention from the FCA increases which could be disastrous for any growing business.
- When you don’t have sufficient accounting skills – FCA requirements include bookkeeping, accounting and auditing. If you do not possess sufficient skills and knowledge in these areas, it is necessary to have the assistance of FCA compliance advisors.
- If you have a large company – Large companies involve a lot of business operation and huge resources. With so much at stake, large companies cannot afford to have any setback from the FCA regulations. If you have a large company in the UK, make sure to hire a couple of FCA compliance advisors including accountants and auditors to ensure that you can meet the requirements set by the FCA. FCA are often critical when it comes to large companies since it involves huge amount of money generated from the market and consumers.
- As long as you have a business – FCA compliance advisors are important to any kind of business. As long as you engage in the business industry, you are expected to have a compliance advisor so you can operate without worries. FCA are also satisfied when a business has a compliance advisor since they can expect that all regulations and requirements are met and followed consistently.
If you still haven’t hire a compliance advisor but found yourself in any of the above situation, make sure to hire one before it is too late.