Compliance Managers

Compliance Manager

Can I be a Compliance Manager if I am not an authorised person? 

Ans: As long as you can meet the necessary skills and experience and pass the 'fit and proper' test, then you can be a Compliance Manager without being an authorised person.

Can my Compliance Manager be employed as a consultant? 

Ans: The Compliance Manager can be a consultant to the firm, provided they meet the necessary skills and experience and pass the 'fit and proper' test.

Can a Fellow and Partner be just a Compliance Manager and not an Approved Manager? 

Ans: The Fellow, as an Authorised Person, will need to be an Approved Manager as an owner of the entity but does not have to be authorised for an area of law. They can be the Compliance Manager if they meet the necessary skills and experience and pass the 'fit and proper' test. 

Can our Practice Manager be the Compliance Manager? 

Ans: The Practice Manager can be the Compliance Manager as long as they are not a partner (as we are unable to authorise ABS’s), but they still have to meet the necessary skills and experience and pass the 'fit and proper' test.

I have worked in a regulated firm for years, so surely I can become a Compliance Manager without completing the application form? 

Ans: All applicants wanting to become a Compliance Manager are expected to demonstrate the necessary skills and knowledge as set out in our Compliance Manager Handbook. You can do this by showing your practical experience from how you have dealt with matters in your current firm or through courses you have attended.

Becoming a Compliance Manager seems to be about theory and not practical experience. Is this the case? 

Ans: We will want to see how you demonstrate the outcomes in the Compliance Manager Handbook by the practical experience and application of knowledge you have gained. As well as demonstrating theory, you need to show how you have or can apply it in your new firm. We will accept that some areas may not have been covered, so then you have to rely upon demonstrating how you understand it could be applied to your firm.

I have been on a number of courses over the last years, will this suffice? 

Ans: We will need to understand how the courses you have been on demonstrate the knowledge and skills we are seeking, so we will ask you to provide details of the course content so we can map it to the outcomes required. We will then advise you of any areas that require further clarification.

Do you have specific courses to become a Compliance Manager?

Ans: We expect to announce shortly courses that will enable you to meet the requirements to become a Compliance Manager.

Can I gain a qualification as a Compliance Manager?

Ans: The role of Compliance Manager we assess is particular for those people wishing to become a Compliance Manager in a CILEx Authorised Entity. It is unfortunately not a recognised qualification, although the skills should be transferable to other roles.