Firms will also need to consider :
Financial Crime and Money Laundering Controls
Whistle blowing
Customers Best Interest Rule
Vulnerable Customers Policies
14 days cancellation rights (cooling off)
Reporting lead generators that not regulated
Annual return about important data CMC001
Change of Control : different approach – tell within 14 days (not s178)
Capital Adequacy : Lead Gen are solvent
Capital Adequacy : Class 1 CMC (turnover > £1M) £10,000, Class 2 £5,000 or fixed overheads requirement (which ever is the greater)
Plus extra £20,000 if holding Client Money
Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk
or visit www.compliancetips.co.uk
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