CQS firms are obliged to make all necessary changes to your firm’s policies, controls and procedures (PCPs) and ensure additional training is provided to your staff on the changes, noting both the effective date and the potential assessment regime in place, particularly at your CQS renewal.
The changes to the Core Practice Management Standard (CPMS) were published in February 2022 and took effect from 1 May 2022. Making a comparison between the previous CPMS and the new updated version is tricky. If you wish to download the changes you can do so here. You must carefully read and consider if your existing PCPs and Templates are adequate and evaluate the levels of awareness demonstrated by your staff of your PCPs and CQS.
The following sample Templates are available for you to consider and adapt based on your firm’s specified requirements.
To find our more about accessing the sample CQS practice standard templates please contact us