Does your IT Support Partner help you to be FCA Compliant?
Financial services firms face many strict regulations from financial bodies like the Financial Conduct Authority (FCA) and European Banking Authority (EBA). Your technology or IT support partner can actually make it easier for you to be compliant with financial regulations.
1.Understanding the regulatory requirements that you must abide by – Most IT support companies do not have specific industry knowledge and expertise, and therefore are unable to make informed recommendations for your technology solutions/infrastructure that are going to keep you compliant.
2. ISO 27001 accredited – The ISO 27001 accreditation proves that we take the security of your data seriously. Our information security management system (ISMS) has been stringently audited by an independent company, and has been found to be of a high enough standard to earn the ISO 27001 certification.
3. Robust disaster recovery plan – FCA regulations state that you must have a documented disaster recovery plan in place. We will ensure yours comes up to the required standard. In the unlikely event of a disaster, even one where your office location is taken out of action, we can have all of your employees working as usual within 4 hours.
4. Two Factor Authentication – As of August 2015, the EBA require all online payments within the EU must be subject to two factor authentication in order to verify the identity of the customer. We’ll make sure you have this in place.
5. London based data centre – Your data must be held in the UK in order to comply with FCA regulations – we house yours in our secure tier 3 London data centre – the highest specification secure facility.
6. Virtual Chief Information Officer – Our VCIO service provides you with an external executive who will provide you with informed advice about the best business processes (whether they relate to technology, sales, finance, admin etc.) to ensure that your business operates smoothly and everyone can focus on increasing revenues.
7. Proactive approach to technology – We work in the background, monitoring your systems and infrastructure to ensure that all patches and security updates are installed, errors are addressed, backups are running etc. Working this way allows us to fix most IT related issues before they cause problems that stop you from working.
8. Correct recording of data – The Bank of NY Mellon received a £126 million fine from the FCA for failing to comply with data recording regulations. An administrative error resulting in commingling of the firms funds with those of clients. The right technology partner will install the best administrative tools, and understand the gravity of mistakes in this area.
9. Data Encryption – Your data, and your clients’ data, must be encrypted when in use to ensure maximum security. Your IT partner should recommend solutions to ensure this.
10. Local to you – We’re based in the heart of London, within easy reach of the financial district, and can be at your site rapidly if required.
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