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Compliance best practices: how do you measure up?

28 Nov 2023

In today’s market environment, demands for transparency grow by the minute. Compliance is of paramount importance for any financial services firm, and it’s only growing more complex.

Due to fallout from the 2008 global financial crisis, burgeoning ESG regulation, the rise of cryptocurrency, and the increasing importance of cybersecurity, compliance is more complicated, demanding and expensive than ever before. Regulators are holding up the financial sector to closer scrutiny, while firms struggle to keep pace with regulatory requirements and the speed of change. It has been estimated that 10-15% of financial services employees today are dedicated to compliance and risk management, while institutional spending on compliance has tripled since 2008.

Despite these challenges, financial services firms have no reason to neglect their compliance obligations. Not only are the stakes high (think punitive fines, potential imprisonment and reputational damage), but the cost of adhering to compliance protocols has been shown to be significantly lower than avoiding them.

Compliance costs are rising, but the value is rising too. In the financial services sector, compliance doesn’t simply tick a box allowing firms to operate on the right side of the law; it helps them serve their clients ethically and efficiently, protect their employees, and provide stakeholders with as much transparency as possible.

In our newly updated guide to compliance best practice for UK regulated firms, we share clear and detailed guidance to help you efficiently and economically maximise results from your compliance programme. The following guide includes:

  • The six essential compliance best practices
  • How to accurately assess your current state
  • Next steps to shore up your firm’s compliance

Download the GUIDE

IQ-EQ’s UK Regulatory Compliance Consulting team offers extensive knowledge of UK and EU regulatory initiatives and offers full regulatory compliance support for all FCA regulated firms. Click here to find out more.

Working with IQ-EQ has been seamless – you and your team understand our business, advise us appropriately, and handle your side of our collective partnership so that we can focus on making good investment decisions. Evan Gibson SVP, Merchants Capital

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