Print Article

JFSC Compliance monitoring webinar – feedback and findings from the JFSC


On Wednesday, 24 February at 14:00, Amanda Reilly, the JFSC Examinations Head of Unit and Senior Manager, Nicky Fagan, hosted a webinar on Compliance monitoring (CMP).

The JFSC wished to remind regulated businesses of the importance of CMP after it identified several repeated findings during the themed examination it carried out last year. Overall, the results highlighted several companies were not adhering to the guidance it published in December 2013.

And some of the key findings related to:

  1. Policies and procedures,
  2. Record-keeping,
  3. Corporate governance, and
  4. Risk assessments.

The webinar covered:

  1. What compliance monitoring is and why it is important
  2. Regulatory requirements
  3. Findings from our recent CMP thematic
  4. What action it will be taking following the thematic
  5. What action it expect Industry to be taking

The key issues from the webinar were:-

JFSC SAY Effective compliance monitoring (CMP) is an invaluable process that enables senior management to

  1. Demonstrate that they have implemented and maintained adequate and effective systems and controls.
  2. Ensure that the processes are being complied with and
  3. Ensure timely action is being taken to remedy any deficiencies brought to their attention.

And critical areas to consider.

  1. Effective compliance monitoring needs P&Ps and Testing
  2. Timescales for remediation needs to be in the P&P’s
  3. Record-keeping –
    • Board minutes are not capturing the discussions around compliance matters/CMP – they should include what was done, how it was done and when it was done
  4. Corporate Governance –
    • Not evident that the BRA was being reviewed and approved by the board regularly.
  5. Key persons –
    • Companies couldn’t demonstrate that compliance with the regulatory framework was being undertaken by the compliance officer.
  6. Regulatory breaches are not being reported to the JFSC – lack of transparency
  7. Lack of independence by board members who are also based within the compliance teams.
  8. CMP not reviewed on a regular basis
  9. CMP not mapped to the BRA

The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email