Compliance function stabilised after a sudden departure
When its compliance resource left suddenly, a consumer credit firm had nobody covering its FCA obligations. MEMA became the interim compliance function, reviewed the firm's position and kept it stable for 6 months while it recruited.
- ZeroFCA escalations during the gap
- 6 monthsInterim cover
The challenge
The firm's compliance resource left without warning. Nobody owned its regulatory obligations, and the gap created both regulatory risk and key-person risk.
Regulatory context
Ongoing FCA compliance obligations and SYSC systems-and-controls requirements that must be maintained continuously.
What we did
- Stepped in straight away as the interim compliance function
- Ran a full compliance review to find where the firm was exposed
- Put monitoring, policies and reporting back on a steady footing
- Supported the firm while it recruited a permanent replacement
The outcome
A stable compliance footing restored, with no FCA escalation during the gap.
Six months of interim cover while the firm recruited.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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