Comply Audit
Our COMPLY Audit service can assist you by conducting a thorough review and helping you see if there are any deficiencies in the current compliance procedures at the firm. This can be a full health check, or a targeted audit of a specific area; AML, GDPR, or any other regulated area of your business.
Our compliance audit is a structured review of your firm's policies, procedures, and controls to ensure alignment with relevant regulatory requirements. In the context of financial services, this means assessing how well a firm meets the standards set by the Financial Conduct Authority (FCA), the Money Laundering Regulations (MLRs), and other applicable frameworks.
Audit Process
Conducting a Compliance Audit
We will conduct a deep-dive assessment of your compliance with all applicable FCA regulations. We will work out where your current procedures are sufficient and where they require more work. This will be fed into our modular Risk Based Compliance Monitoring Programme, which will detail all the rules your firm is subject to and the process we followed in carrying out the audit.
Key focus areas of the audit include:
Governance & Oversight
We examine the structure and responsibilities of your senior management team, including how SMCR responsibilities are allocated and evidenced. We assess board oversight, committee structures, and escalation processes to ensure accountability and regulatory alignment.
Policies & Procedures
Your documented policies and procedures form the backbone of your compliance function. We review them for accuracy, relevance, and consistency with current regulatory standards, ensuring they are not only written, but also embedded across your business.
Risk Management & Internal Controls
A robust control framework helps firms manage both operational and compliance risk. We evaluate how effectively your firm identifies, records, mitigates, and reviews key risks, including financial crime, data protection, and conduct risk.
Compliance Monitoring Programme
An effective compliance function requires proactive monitoring. We assess your monitoring plan, methodologies, reporting lines, and whether findings are followed up and addressed in a timely and proportionate way.
Training & Culture
We review your training logs, onboarding procedures, and compliance culture to focus on how you communicate obligations to staff and support them in doing the right thing.
Record-Keeping & Reporting
We ensure your record-keeping practices meet FCA requirements and that your firm is equipped to respond to information requests, thematic reviews, or supervisory engagement. We also look at regulatory reporting submissions for accuracy and timeliness.
Providing the Board with Compliance Audit Report
After we have carried out the compliance audit we will present a report detailing the status of the compliance regime. This will contain details of our findings and will also provide a set of recommendations on how to improve the compliance regime at the firm as appropriate.
What You'll Receive
Following the audit, we provide a comprehensive, jargon-free report highlighting:
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Key compliance risks and areas of concern
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Detailed, actionable recommendations for remediation
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Prioritisation based on regulatory impact
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Opportunities to enhance governance and control
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Optional follow-up support to implement change
Implementing a Programme of Remedial Work
Following the completion of the compliance review we will come up with a schedule of action which identifies any areas that will need to be improved to bring your company up to speed with current regulation. After receiving the report you can choose to action the items yourselves or engage our services to action them on your behalf.
Comply Audit FAQ
What is a regulatory compliance audit?
A regulatory compliance audit is a thorough review of how well your firm adheres to regulatory rules and guidelines. It covers matters such as your compliance procedures, security policies, user access controls and risk management measures.
When you contract the financial law experts at FinTech Compliance for your regulatory compliance review, we evaluate your existing policies and procedures against the regulations applicable to your firm. This lets us identify what you’re doing right and what you need to improve to satisfy regulatory requirements.
We compile our findings into a programme of remedial work, which we can carry out on your behalf. We also feed out findings into our risk-based compliance monitoring programme to track which rules your firm is subject to, allowing us to monitor and react to legislative changes moving forward.
How often do I need to carry out an audit?
It’s recommended that all financial firms conduct a regulatory compliance audit at least once a year.
However, certain organisations would benefit from carrying out these audits more frequently, or after meeting certain conditions. For example:
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High-risk industries or those that often undergo regulatory change by need to conduct an audit twice-yearly, or even quarterly for larger and more complex firms
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A fresh compliance audit is advised following mergers, acquisitions and similar events
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If you use a continuous compliance monitoring system, you can carry out compliance audits more frequently
What are the consequences of failing a compliance audit?
If your firm fails an official compliance audit, it may be subject to:
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Fines and penalties
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Legal action
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Operational disruptions
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Reputational damage
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Management changes
It’s likely you’ll also be required to overhaul your regulatory compliance processes to minimise the change of future failures.
You can improve your chances of success by contracting FinTech Compliance to conduct a preliminary audit of your compliance policies and procedures.
Following our deep-dive assessment, we produce a compliance report detailing areas for improvement with a list of recommendations for meeting your legal requirements. We can even carry out a programme of remedial work on your behalf.
This gives you the best possible chance of passing your official audit and continuing to conduct financial activities securely and legally.
Do I need a Comply Audit to get FCA authorised?
While not mandatory, a Comply Audit is highly recommended before or shortly after gaining FCA authorisation. It helps ensure your firm is genuinely ready to meet ongoing compliance obligations and avoid early-stage issues that can draw regulatory scrutiny.
How often should fintech firms carry out a compliance audit?
We recommend conducting a full compliance audit annually or following significant changes, such as rapid scaling, new product launches, or senior leadership changes. This ensures your firm remains aligned with evolving regulatory expectations.
Will the Comply Audit help me prepare for an FCA visit?
Yes. Our audit is designed to replicate the kind of scrutiny you might receive from the FCA. It highlights any areas that could raise concerns during a visit and provides you with a remediation roadmap to address them in advance.
How long does the Comply Audit take?
The timeline depends on the size and complexity of your business. Most audits are completed within 2–4 weeks, including reporting. We work efficiently to minimise disruption and provide actionable feedback quickly.
Can you help with implementing the audit’s recommendations?
Absolutely. Many clients choose to continue working with us after the audit to address the findings. Our team can support you with policy updates, control enhancements, training, and preparing documentation for the FCA.
Is a Comply Audit suitable for cryptoasset firms?
Yes. We regularly audit firms operating under the MLRs, including crypto exchanges, wallet providers, and token platforms. The audit is tailored to reflect the unique regulatory landscape affecting crypto businesses in the UK.