Compliance can often be the most difficult area to both understand and keep up to date.
We are now in the era of a new regulator which has offered us a less prescriptive environment.
The great news is that as long as your firm can demonstrate;
- The Directors / Partners Span of control
- Effective internal systems & procedures
- Risk based supervision of advisers & staff
- Financial compliance & sufficient capital resource
If however you feel this is not the case, you need to look at compliance outsourcing to put your business where it should be.
The benefit of outsourcing for compliance is that you are bringing in specialists who not only understand the requirements of the now 'rather large' source books but also work with other firms who have the same challenges.
Does this now mean that your management team have understood their new requirements and responsibilities or is there still a rather large learning curve?
- Have they all completed the relevant reports to the board?
- Do they all have job descriptions
If there are any doubts in these areas you would be well advised to have a compliance audit on your current procedures. This will highlight any areas of deficiency and also provide the regulators with evidence that you take these responsibilities seriously.
PCS can provide you with a full audit together with a report on all findings and useful advice on how to change your procedures.
PCS can also help you to complete the remedial action by working along side the individuals and explaining not only how to put things right but why this action will put things right.
Day placements
Have you ever heard yourself, or the person responsible for your compliance say
'I should really have a compliance day today but I need to complete this client work first!'
The classic phrase of anyone who is trying to juggle earning a living with keeping the firm compliant.
Wouldn't it be lovely if you had someone who could visit you one day a month and clear all of your regulatory headaches off your desk?
This is where PCS can help.
Depending on you firm's size and requirements, our team can be present in your offices, on a regular basis to deal with:
- Ongoing regulatory issues
- Check CPD records
- Complete your KPI's
- Complete supervisory work
- File check
- RMAR preparation and submission
- Complaints returns
- Complaints handling
- Money laundering training
- Date protection training
And anything else which comes up and causes you a problem!
Whilst this may just seem like another cost burden, if you consider the time you currently spend on Compliance, and think about how many clients you could have seen in that time you will soon see the value of bringing experts in!
PCS will always ensure that you are provided with feedback on all areas which can be used to keep the board up to speed.
File checking
Most firms to tend to leave this job as long as possible as it is not one of the most enjoyable tasks to complete!!
It is also one of the key areas of the Key Performance Indicators and can provide some of the most valuable information on a registered individual.
PCS can take all of the hassle away for you by completing all of the necessary file reviews for your firm, and providing the Supervisor's with all of the feedback needed to complete both the KPI's and the one to one's.
Files can be picked up on a monthly basis ( or however often the firm wishes, or alternatively we can complete the reviews in your office together with written feedback.
Again this is a very useful practice for a firm as it demonstrates that they are taking their management responsibilities seriously by obtaining feedback on their procedures from a third party specialist.
