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Bankhall Urges DA Firms To Invest In Compliance Training

Natasha Taghavi, Reporter, London, 24 October 2013

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Bankhall, part of UK-headquartered Sesame Bankhall Group, is urging directly authorised firms to ensure they invest in thorough training for compliance oversight officers (CF10) and money laundering reporting officers (CF11).

[tag|BANKHALL|]Bankhall[/tag], part of UK-headquartered Sesame Bankhall Group, is urging directly authorised firms to ensure they invest in thorough training for compliance oversight officers (CF10) and money laundering reporting officers (CF11).

It comes as the Financial Conduct Authority, the UK regulator, increases its focus on retail conduct risk and the need for firms to identify and review emerging risks and act upon any gaps identified, the firm said in statement.

Following on from Bankhall’s recent launch of its retail conduct risk assessment tool, the support services provider has launched a new series of compliance oversight and money laundering reporting officer workshops, designed to develop the skills and understanding of individuals who hold these controlled functions.

Bankhall said that its workshop programme is aimed at those individuals who have been approved or delegated CF10 or CF11 responsibilities, as well as those who are expecting to move into these roles.

“Individuals with CF10 and CF11 responsibilities are vitally important for every advisor firm. The FCA views these roles as pivotal to a firm’s compliance regime, management of risk and ultimately the fair treatment of customers. Given the FCA’s emphasis on Retail Conduct Risk it is essential that compliance oversight officers and money laundering reporting officers can demonstrate the necessary skills and knowledge to be fully effective in embedding a robust compliance regime,” said Stephen Gazard, managing director for Bankhall.

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