PRACTICAL TRAINING FOR COMPLIANCE OFFICERS: AN ASSESSMENT
| Date | 01 January 1992 |
| Published date | 01 January 1992 |
| Pages | 34-46 |
| DOI | https://doi.org/10.1108/eb024749 |
| Author | ROWAN BOSWORTH‐DAVIES |
| Subject Matter | Accounting & finance |
PRACTICAL
TRAINING FOR COMPLIANCE OFFICERS:
AN
ASSESSMENT
Received (in revised form): 2nd September, 1992.
ROWAN BOSWORTH-DAVIES
ROWAN
BOSWORTH-DAVIES
ROWAN BOSWORTH-DAVIES READ
FOR THE
BAR
AT THE
MIDDLE TEMPLE BEFORE BEING
APPOINTED
AS A
SENIOR COURT CLERK
IN THE
INNER LONDON MAGISTRATES COURT
SERVICE.
IN 1976
HE
JOINED
THE
METROPOLITAN POLICE WHERE AFTER
SERVING
IN
VARIOUS INNER LONDON
DISTRICTS BOTH
IN
UNIFORM
AND IN THE CID
HE
WAS
TRANSFERRED
TO THE
METROPOLITAN
AND CUT
POLICE COMPANY
FRAUD DEPARTMENT
AT NEW
SCOTLAND
YARD
IN 1980. AT THE
FRAUD SQUAD,
HE
SPECIALISED
IN THE
INVESTIGATION
OF
COMMODITY FUTURES
AND
FINANCIAL
SECURITIES FRAUDS.
HE
TRAVELLED WIDELY
IN
EUROPE
AND THE USA AND WAS
ATTACHED
TO
THE
SECURITIES
AND
EXCHANGE
COMMISSION
IN
WASHINGTON, WHILE
STUDYING
US
REGULATORY METHODS.
HE
LEFT
THE
POLICE
IN 1985 TO
WRITE
A
BOOK,
TOO
GOOD
TO BE
TRUE,
AN
ANALYSIS
OF
FRAUDULENT PRACTICE
IN THE
FINANCIAL
SERVICES MARKET, WHICH
WAS
SUBSEQUENTLY PUBLISHED
BY THE
BODLEY
HEAD
IN
1987.
IN
JANUARY
THE
SAME YEAR
HE
WAS APPOINTED
AS THE
FIRST
INVESTIGATIONS MANAGER
AT
FIMBRA WHERE
HE
WAS
RESPONSIBLE
FOR
CREATING
THE
APPLICANT VETTING
AND
INTELLIGENCE
EVALUATION SYSTEM.
HE
JOINED RICHARDS
BUTLER
IN
AUGUST 1988
AS THE
FRAUD
INVESTIGATIONS MANAGER
IN
THEIR
FINANCIAL REGULATION
AND
COMPLIANCE
DEPARTMENT.
HE IS AN
HONORARY RESEARCH
FELLOW
IN THE
SCHOOL
OF
POLICE
AND
CRIMINAL JUSTICE STUDIES
AT
EXETER
UNIVERSITY WHERE
HE
HAS
JUST
COMPLETED
AN
MA IN
POLICE
AND
CRIMINAL JUSTICE
STUDIES. THIS PAPER
IS
TAKEN FROM
THE
INTRODUCTION
TO
THAT THESIS WHICH WILL
BE
PUBLISHED
IN
DECEMBER
1992.
ABSTRACT
The purpose of this paper is to examine the
attitudes of financial service compliance
officers towards the provision of practical
training in specific aspects of regulatory
development, criminal law and procedure
which have a significant impact upon their
role
and function as compliance
officers.
The paper starts by considering the
qualifications of financial service compli-
ance officers, before setting out the aims
and contents of a three-day
course
designed
for compliance
officers.
After describing the
attendees on the
course,
it
gives their
assess-
ment of the course and examines their atti-
tudes to what is the proper role of the
financial
service
compliance
office.
In 1991, the United Kingdom Asso-
ciation of Compliance Officers
(UKACO) conducted an analysis of
its member's educational and
employment backgrounds prior to
their appointment as compliance
officers and they had found that
approximately 3 per cent of their
members were legally qualified,
while another 3 per cent possessed
some form of recognised account-
ancy qualifications.1 The remaining
94 per cent possessed no formal
academic or professional qualifica-
tions at all. UKACO is the leading
compliance officers association in
the UK, with over 340 members. Its
members are drawn from all areas of
the Financial services industry,
although at the present time, com-
panies regulated by the Life Assur-
34
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