Take the test
Do you know what you need to do as a firm authorised with the FCA?
Question 1 / 19
Are the firm’s permissions correct for the activities undertaken?
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Question 2 / 19
Is the information held by the FCA up to date? For example, controller information, Senior Management and Certification staff details and firm details.
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Question 3 / 19
If the firm has Appointed Representatives or Introducer Appointed Representatives, does the firm have adequate controls and oversight in place for onboarding and ongoing monitoring?
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Question 4 / 19
Is the firm aware of, and can complete, the FCA returns accurately and on time?
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Question 5 / 19
Has the firm identified the appropriate Senior Manager and Certification staff?
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Question 6 / 19
Does the firm have procedures in place to comply with SM&CR? Including: Statement of Responsibilities being regularly reviewed, fitness and propriety assessments being undertaken?
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Question 7 / 19
Does the firm have compliance policies and procedures?
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Question 8 / 19
Does the firm have, and keep up to date, a regulatory business plan?
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Question 9 / 19
Does the firm have an appropriate Compliance Monitoring Programme for the activities undertaken?
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Question 10 / 19
Has the firm identified and effectively managed the risks associated with the business?
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Question 11 / 19
Does the firm collect and regularly analyse management information?
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Question 12 / 19
Is the sales process regularly reviewed to ensure that good customer outcomes are achieved and adequate records are maintained?
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Question 13 / 19
Are regular checks undertaken to ensure that employees are adhering to the processes in place?
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Question 14 / 19
Does the firm have an effective complaints handling process? (I.e. regulated complaints are identified, managed and investigated in line with FCA rules.)
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Question 15 / 19
Has the firm identified any conflicts of interest within the business and mitigated these risks? For example, are staff remuneration, incentives and performance management plans regularly reviewed?
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Question 16 / 19
Has the firm reviewed its approach to, and treatment of, vulnerable customers? In particular: the nature and scale of the drivers of vulnerability within the customer base?
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Question 17 / 19
Is an appropriate sign-off process in place to ensure that financial promotions adhere to FCA rules, in particular those within CONC 3?
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Question 18 / 19
Does the firm have adequate systems and controls in place to ensure that it meets the requirements of the SYSC sourcebook? Including: processes for financial crime management and all relevant policies
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Question 19 / 19
Does the firm provide training to ensure that all staff understand the FCA regulatory environment as well as both the firm’s and individual’s regulatory responsibilities?
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Results
Your Recommendations
You scored XX/190 (%)
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