Putting compliance firmly up the agenda is a core goal of Compliance Register (CR), the organisation committed to improving the image of compliance officers across the financial services sector, hence its first compliance awards ceremony taking place in September.
While regulatory changes are creating increasing demand for such employees, it is also recognised their roles as guardians of standards must change as the new regulatory regime spreads the burden of compliance work, says Ben Goh, CR secretary.
Relying on one or more compliance officers to ensure standards are met is not going to be enough in the new climate, wherein the FSA can apply penalties to any number of senior executives, all the way to the top, Goh says.
And it is not only regulated individuals who should bear the compliance burden in mind.
Anecdotal evidence suggests the FSA may be waiting until the mortgage and general insurance regimes are in place before moving up a gear in its focus on cases, including market abuse cases that could catch out people who are not directly regulated as such, Goh believes.
Meanwhile, to boost the visibility of compliance officers, Compliance Register is pushing its awards as a way to highlight the value added to businesses through efforts to stay on the right side of the law.
Associations supporting the even include the Investment Management Association, Association of Private Client Investment Managers and Stockbrokers, the London Investment Banking Association, the Futures and Options Association, and the British Bankers’ Association.IFAonline
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