1 Marketing, Financial Promotions & Contracts
Firms who are regulated by the FCA must implement controls, measures and procedures for adhering to the regulations relating to Distance Marketing, Financial Promotions, Pre-Contract Disclosure Information and Client Communication. As these 4 regulatory areas have numerous objectives and compliance expectations in common, we have created a combined audit checklist to help firms identify, assess, audit and meet their obligations.
2 About the Audit Checklist
If you need more space in the auditors’ notes sections, please use a separate piece of paper and attach it to the completed checklist. Using this checklist enables assessment of existing measures and procedures alongside the ability to identify and mitigate against any gaps or risk areas.
You are free to add or remove any questions or sections that apply/do not apply to your firm and you should aim to complete a full audit using this document on an annual basis, or more frequently for those with higher risks. Once you have completed the audit, you should identify any gaps and put measures into place to mitigate against the associated risks. Completed audit checklists should be retained for at least 6 years and will form part of your compliance audit and monitoring program.
The next review date section should be when you next intend to carry out the next audit, unless you have identified a gap or non-compliance, in which case you should aim to re-audit as soon as mitigating actions have been applied.
2.1 Action Plan
We have included an action plan template at the end of the audit checklist that you can use where gaps or non-compliance areas have been identified. This action plan should be used to detail gaps and areas of non-compliance, then add corrective/mitigating actions, processes and dates and owners for implementing processes, systems or controls that will comply with the standards or requirements. Action plans and completed audits should be retained for 6 years and be made available to regulators and governing bodies upon request.
3 Marketing, Financial Promotions & Contracts Audit Checklist
TO BE COMPLETED BY THE AUDITOR
Have all questions been completed? Print Name: _______________________
Have all next review/action dates been set? Signed: _______________________
3.1 Marketing, Financial Promotions & Contracts Corrective Action Plan