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 the European Banking Authority (EBA).
However, your technology or IT support partner can 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 and the infrastructure that is 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 body. As a result, it is 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 requires 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 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 (VCIO)
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.). In addition, this will ensure that your business operates smoothly and everyone can focus on increasing revenues.
7. A 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.
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. This was the result of an administrative error which led into co-mingling of the firm’s funds with those of clients.
The right technology partner will install the best administrative tools, and understand the gravity of mistakes in this area. Moreover, they will be aware of the latest industry trends 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 7062 4659. Alternatively, you can send us a message here.