Sometimes regulated firms prefer not to retain a consultant but, from time to time, they need external support or an independent assessment of their compliance health. ICS provides all kinds of ad hoc compliance consultancy services – from staff training to an independent audit of an in-house compliance department; whatever it is you feel your business needs.
For more information about the ICS service call us on 01892 539600 or email enquiries to us at: firstname.lastname@example.org
Typically, Ad Hoc Consultancy can include:
- Compliance Audits
- File Reviews
- Topic-Specific Assistance (from TCF to completing RMAR)
- Assistance with FCA Visits
- Due Diligence – Preparing for Sale or for Purchase
If your firm hasn’t had an independent review in the last 12 months, this is something you really should consider. Even for larger firms with an in-house compliance department, an independent audit is not only good practice but it also provides reassurance that appropriate standards are being met.
ICS will spend a full day auditing the main regulatory issues within your business such as client money (if applicable), the sales process, systems and controls, complaints, etc. If there are any specific issues you would like reviewed we can include these as well. We’ll speak to relevant staff, review a sample of client files and, at the end of the day, give you a verbal de-brief. We’ll follow this up with a full report including prioritised action points so you can quickly identify any important and urgent issues.
We offer a comprehensive file review service, looking at either a representative sample of client files for an overview of systems and controls or targeted business areas/staff where a client has specific concerns. File reviews are a good way of shining a light on sales procedures and systems generally, they can also reveal how well procedures are being followed and whether there are any competency issues.
Alternatively, if you have a particular issue you would like looked at or with which you need help, a topic-specific review may be more cost-effective. In this case, ICS will focus on a particular area of your business – for example your sales processes or complaints handling – we’ll discuss your concerns, talk to relevant staff, review documentation, etc and provide a verbal de-brief, followed up by a written action plan.
Assistance with FCA Visits/Contact
Where a firm is the subject of an FCA visit, an ARROW visit, FCA investigation or has simply been requested by the FCA to provide information, it is often the case that the firm and key staff will feel better prepared if they have taken expert compliance advice. ICS will provide whatever support is needed from assisting with submissions of information or staging mock interviews to actually being present during an FCA visit.
Due Diligence – Preparing for Sale or Purchase
Whether buying or selling a brokerage, these days the regulatory health of the business is almost as important as its profitability.
Having a thorough assessment of the compliance character of a business as part of your due diligence process will help to provide a more complete picture and to ensure there are no compliance issues which may affect the value; for example, exposure to complaints or risk of regulatory censure. Equally, if you are considering selling your business, knowing that you are in robust regulatory health will help to strengthen your negotiating position and make your business more attractive to prospective purchasers.