The number one consideration of the UK regulator is compliance. As you are effectively a start-up, the Commission gets very concerned that although one of your C-levels has to be designated the Chief Compliance Officer, they may not be trained sufficiently, have the experience, be confident enough or have the bandwidth to fully exercise the compliance role. That is where we come in.
The company policies and business plan we provide you with outline the basic compliance procedures you will need to undertake and then after licensing, we can – and the UKGC do prefer it, continue to provide you with ongoing compliance advice.
This means that we do a (virtual) meeting with you once a month to do the following:
Go over the action points from the previous month
Review one of your Company Policies
Discuss the customer incidents that have occurred and check the paper work
Consider any future future regulatory changes
We then write up the meeting minutes and so provide you with evidence that compliance is at the heart of your business - a key requirement of the UKGC
We provide telephone/Zoom advice, during office hours throughout the month and unlike some compliance advisors, who think no is the only answer, we can usually find a sensible answer to every compliance issue. We are there for every problem and due to our years of experience, have come across most problems. We will hold your hand through every crisis - you will have them - and provide you with the answers you need.
Unfortunately for us, our objective is to get your company to a position where you eventually don’t need us!
We build in to our business model that you will eventually grow to a size where you can afford a experienced compliance officer all of your own and we will wish you luck and let you go.