The fintech industry is a highly regulated industry by the Financial Conduct Authority (FCA) in the UK for example, a fintech compliance business could get you a cut of the industry honey well if you can help fintech businesses keep up with these laws, either through Regtech innovations or by starting a local compliance service. This includes every other industry that has any regulatory compliance to keep up with.
All companies in any industrial field across the world that operate on legal basis must adhere to certain regulatory frameworks. They must, therefore, seek compliance consultancy services from law firms. The business of offering compliance services is in high demand since new laws come in force regularly, or companies grow larger to provide more goods and services. Companies need to run under procedures regulated by policy makers to ensure safe working conditions for their workers and that its products pose no risk to its users.
The laws, however, are always complicated and may vary with time and places. Firms are therefore forced to seek compliance consulting services from legal experts to keep themselves parallel to the legal requirements.
This is one area of business you don’t really need a law degree to start, may be some good specialist skills will help you understand more and build the business. You should be able to understand how to deal with laws in particular areas and countries and taking additional specialized certification courses in relevant fields will do you good.
To operate the business of compliance consulting services, one does not need to have a college degree but may be some training certification. This might be different in your own country, consultants must familiarize themselves with the major and most common regulatory rules such as the laws of the Financial Services Authority, Occupational Safety and Health and Safety laws, the Health Insurance Portability and Accountability laws etc. Compliance consulting is demanding and requires a thorough knowledge of the much regulatory legislation to keep companies checked from concerns of accounting records and public disclosure.
Legal consultancy requires excellent oral and written communication skills to make assessments and interpretations and to make a productive and fruitful career. Jobs in compliance consultancy in most cases come through recommendations and referrals. Good impact in every case handled in the field is, therefore, fundamental.
To get started in a fintech compliance consulting business a few advertisements through your website, social media, directory websites and blogs, local news outlets or phone book contact can make a good first step to the venture. A good impression in first service attracts more clients who as well will spread the word of your outstanding service. Keeping contacts and following them up closely and on a regular basis build more customers.