What is the main role of a 'Compliance Officer' in an FCA-regulated firm?

The primary function of a Compliance Officer within an FCA-regulated firm is to ensure adherence to regulatory requirements. This means that the Compliance Officer is responsible for establishing and maintaining a framework to ensure that the firm operates within the regulations set forth by the Financial Conduct Authority (FCA). They monitor the firm’s practices, policies, and procedures to mitigate risks associated with non-compliance, safeguard customer interests, and promote a culture of compliance throughout the organization.

By focusing on regulatory adherence, the Compliance Officer plays a crucial role in protecting both the firm and its clients, ensuring that the firm meets necessary legal obligations, and upholding market integrity. This position involves ongoing training, risk evaluations, and reporting to senior management and the board, ensuring that compliance issues are addressed proactively.

The other roles mentioned, such as overseeing marketing strategies, managing financial departments, or handling customer service complaints, do not directly relate to the core responsibilities of a Compliance Officer. These functions belong to different departments or positions within the firm that focus on specific operational aspects rather than compliance with regulations.