‘Love it or loathe it, compliance is an essential ingredient in any advisory business’
The Financial Services Industry is constantly evolving and keeping up to date with the plethora of legislative and regulatory changes is time-consuming. In addition, there are your T&C obligations and the day to day management of your company, which when all added together can leave very little time left to spend with your clients. With more change on the horizon General Data Protection Regulation (GDPR) and the Senior Managers Regime, and the requirements of MIFID II and PRIIPs coming in fully, there will be no let up for small to medium businesses.
ComplyMe understands this problem and recognises the importance for business owners to focus on running the business and ensuring as much time as possible is used for fee earning activities.
A bespoke service
All businesses are different and we offer a bespoke support service to business owners/advisers. We do not offer ‘off the shelf’ solutions as we do not believe this is the right support for small to medium businesses.
In 2017 the Financial Conduct Authority issued approximately 180 publications (consisting of Consultation Papers, Feedback Statements, Final Guidance, Policy Statements), yes, your eyes do not deceive you, and as you are aware these documents are not often light reading. 2018 is set to be another challenging year with the bedding in of MIFID II and the General Data Protection Regulation coming into force.
The Financial Conduct Authority (FCA) remains focussed on firms being able to demonstrate good governance, culture with the overarching objective of achieving good client outcomes ('Treating Client's Fairly' – TCF).
The ever increasing professionalism of the industry is undoubtedly good news but brings its own challenges and demands. In addition, regulatory requirements and legislation change on a frequent basis and it can be difficult for firms to regularly review and ensure their processes are up to date, relevant and result in good client outcomes.
Even if a firm has had a low number of complaints this does not mean 'they can rest on their laurels' as with the FCA's thematic, principle based approach it is the firm's governance, culture and internal processes which the FCA will focus on. Megan Butler, Director of supervision said 'firms should not think the absence of customer complaints means no problem exists'. Small to medium firms often do not have large compliance departments, due diligence departments and technical teams able to work on a number projects at any one time. However, they still have to meet the same high standards as larger companies that already have these significant resources.
The team at ComplyMe has a wealth of experience and have specialist knowledge of the regulatory requirements within the protection, mortgage, pension and investment market including project work to maximise efficiencies within businesses. We have in excess of 40 years’ experience within the financial services industry including senior management positions and the CF10 position for a national IFA. We have managed business through the significant regulatory changes that have impacted on all firms, such as, the Retail Distribution Review (RDR), Auto Enrolment, Mortgage Market Review (MMR) and Pension Freedoms, to highlight a few.
What we can do
ComplyMe can assist in all areas, to whether a review of a Fact Find or a review of a 'Terms of Business' letter right up to larger projects such as a 'Centralised Investment Proposition', a past business review or drafting a new T&C scheme.
ComplyMe will take the time to understand your business and your strategy going forwards to ensure that any work undertaken is tailored to your specific business needs and that of your clients.
Please contact us for a no cost initial consultation to see how we can help you. Let ComplyMe take the stress out of compliance.