Does your IT Support Partner help you to be FCA Compliant?

December 5th, 2018 - Category - Cyber Security, IT Best Practices

IT support FCA compliance Financial Services Netstar regulations Audit

Financial services firms face many strict regulations from financial bodies like the Financial Conduct Authority (FCA) and European Banking Authority (EBA).

However, 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. Therefore, they are unable to make informed recommendations for your technology solutions/infrastructure that are going to keep you compliant.

ISO 27001 Netstar

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 body. As a result, it 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. Meanwhile, in the unlikely event of a disaster, we can have all of your employees working as usual within 4 hours.  Even if your office location is taken out of action.

4. Two Factor Authentication

The EBA require all online payments within the EU must be subject to two-factor authentication. This is 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. To clarify, this is the highest specification secure facility.

6. Virtual Chief Information Officer

Our VCIO service provides you with an external executive who will keep you informed and advise you about the best business processes. (For instance whether they relate to technology, sales, finance, admin etc.). This is 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. This is to ensure that all patches and security updates are installed, errors are addressed, backups are running etc. In short, this allows us to fix most IT related issues before they cause problems that stop you from working.

FCA compliance

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 co-mingling 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. In addition they will be aware of the latest industry trends in order to give you up-to-date advice.

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.

In conclusion, finding the right IT Partner can aid your business in becoming FCA compliant. If you have any questions regarding compliance or IT support you can give us a call on 020 7101 0545. Alternatively, you can send us a message here

 

Tags

ComplianceData encryptionDisaster recoveryFCAFinanceFinancial ServicesISO27001LondonTwo factor authentication

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About Mit Patel

Mit - Managing Director. In 2002, Mit founded Netstar. He has helped grow Netstar to become an indispensable partner to some of London’s finest businesses, including well known names in the Financial Services industry. Mit works across all aspects of the business including strategic planning and key account management. Mit is focused on ensuring the delivery of a high quality service, and providing strategic value to help our customers overcome their business challenges.

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