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Ethical and Professional Standards

Rockstead Compliance Audits


As the PFCA has built its representation and recognition within the financial claims management sector with regulators, banks and other bodies, it became apparent there was a need to continually review its requirements for ensuring its members compliance with the published ‘Code of Practice’.

Independent Accountability

In an ever changing and demanding regulatory environment, the requirement for an independent firm offering experience in the financial services and claims management sector with dedicated resources, vision and the ability to develop other products and services became apparent. In August 2015, Rockstead were appointed to fulfil this role working with the PFCA to meet the ever growing need for ensuring compliance and questioning its members about their own internal Audit functions.

Who are Rockstead? – International Risk and Due Diligence Services

Established in 2008, Rockstead is an independent audit company specialising in due diligence, third party supplier oversight, regulatory compliance checks and staffing solutions for the financial services and claims management sector. It’s senior management team and non-executive directors draw on years of experience gained throughout the UK and Europe.

What do Rockstead do for the PFCA?

  • New Member Audits
  • Annual Member Audits
  • Call Monitoring Audits
  • Ongoing development of products & services

This work is carried out working closely with some of the largest CMCs’ in the sector in tandem with their compliance teams. It has proven to help develop and improve internal processes and efficiencies within every Member firm.

Senior Managers Regime (SMR)

The SMR regime came into force on the 7th March 2016 for individuals working in banks, building societies, credit unions and Prudential Regulation Authority (PRA) designated firms. The SMR represents a significant risk to CMCs. To help you understand how the changes will affect you or your organisation, Rockstead can carry out a GAP analysis to start the review process.

Read more on the Senior Managers Regime

The PFCA Code of Practice

This covers various aspects of a Member firm’s business including: business acquisition, marketing and advertising, its charges, business processes and financial investigation, staff training and monitoring, customer contracts, data protection and complaints handling. All these areas of business and more are covered by Rockstead who have a team dedicated to the CMC sector who are experienced in its demands for higher standards to ensure satisfactory consumer outcomes.

Membership Benefits & Services

The Benefits and Services of the Professional Financial Claims Association are intended to extend beyond its own membership. The Financial Claims Management sector needs a credible ‘voice’ at a time of change and increased scrutiny within the sector.

PFCA Code of Practice

The members of the Professional Financial Claims Association wish to set professional standards for member firms...

Download the PDF
Visit the Code of Practice page