Business Issue
A regulated financial services parent company based outside the UK sought assurance regarding the systems and controls of its UK subsidiary—an authorised e-money institution (EMI). The subsidiary had outsourced key functions, including finance, to the parent, and both boards wanted to ensure regulatory compliance was being properly maintained.
Solution
fscom deployed a regulatory compliance specialist to conduct a detailed assessment of the EMI’s safeguarding arrangements, financial resources, regulatory returns, and client communications. The review highlighted a significant gap in the understanding of UK-specific legislative and regulatory requirements within the outsourced parent company functions.
Benefits
The assessment provided clarity on compliance gaps and led to a structured approach to remediation. Both the parent and subsidiary boards gained a clearer understanding of their regulatory responsibilities, enabling them to take decisive action to strengthen compliance and governance practices.
Client
Feedback
The client valued fscom’s expert insight and clear communication. The boards felt confident in fscom’s recommendations and appreciated the pragmatic guidance on navigating regulatory reporting and remediation planning.
