Applicant questions
- - Which rules become daily, weekly, monthly, quarterly, and annual controls?
- - Who monitors advice, dealing, marketing, conflicts, complaints, client assets, and outsourcing?
- - How will the firm evidence compliance after approval?
Why regulators ask
- - Compliance evidence shows how the applicant will operate within the permission scope.
- - Regulators look for controls, owners, records, and escalation, not only a manual.
- - A weak compliance framework can make the business plan look aspirational rather than ready.
What good looks like
- - Controls are tied to the actual client journey and regulated activity.
- - Monitoring owners, frequency, samples, records, and escalation are clear.
- - Training, breaches, conflicts, complaints, and reporting are scheduled.
Documents to prepare
- - Compliance manual and monitoring plan.
- - Conflicts, gifts, personal account dealing, and disclosure policies.
- - Training calendar and attestation process.
- - Breach and incident log procedure.
- - Regulatory reporting and review calendar.
Red flags
- - The manual says controls exist but does not say who performs them.
- - Marketing, research, fund distribution, or cross-border activity is outside the monitoring plan.
- - No evidence shows how breaches are recorded or escalated.
Build steps
- 1. List the regulated workflows, then define controls for each.
- 2. Assign owners, frequency, evidence records, and escalation points.
- 3. Use the compliance calendar generator to convert obligations into recurring tasks.
Disclaimer
Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.