ABSTRACT
This chapter considers the aspects of ensuring that the regulated firm is seen as trustworthy, as well as the important role compliance in interpreting and communicating the views of the regulators to the firm’s board, senior management and other areas within the business. Issues relating to compliance and the firm’s culture and purpose are considered but the point here is to note the widening breath of compliance and the increase in regulatory expectations. Some boards and senior executives of regulated firms do not see the need to have routine meetings with the regulators. There is a high propensity for misunderstanding between regulators and regulated firms. Matters may be a bit easier for them if they can provide additional information based on their past interaction with the regulated firm, demonstrating that they have a grip on the issues. The Financial Conduct Authority has described a number of key factors which determine their attitude to compliance risk within a business.
