Compliance regulation refers to the enforcement procedures associated with guidelines provided by the government or a governing body. Compliance regulation is not an industry-specific term, but it is normally associated with heavily regulated industries such as banking, law and insurance. Compliance usually refers to a situation in which a commercial entity has to follow the rules set up by a governing body, where these rules relate to a specific aspect of the commercial activities of the entity
Compliance regulation may take the form of an act of parliament or a specific practice procedure of a regulatory agency. For example, the Financial Services Authority (FSA) is known for introducing new guidelines to help ensure the health of the banking system and the protection of customers. Other smaller compliance regulation issues include specific requirements for financial service firms to research new customers and ensure the firm is not facilitating any money-laundering activities. The requirements (commonly referred to as Know Your Customer) specify under what circumstances what personal information should be requested by the firm and how it can be obtained.
If you are currently unsure of the compliance guidelines in your area or industry, you are probably able to get most of the information from the relevant governing body. If the information is still unclear, or you would like to understand it further, consulting a specialised legal professional will help you understand what is required of you and your company.
If you would like to obtain legal advice on compliance regulation, Contact Law can put you in touch with a local specialised solicitor free of charge. So, if you have any questions or would like our help in finding local specialised solicitors please call us on 0800 1777 162 or complete the web-form above.
- Last Updated on 03/05/2013