Tag Archives: independent financial adviser

IFAs! Have your work double-marked for suitability

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‘Can help iron out rough edges’

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Advisers should have their work checked over to make sure standards remain consistent and high, according to Threesixty Services managing director Phil Young.

 Small, independent and directly authorised firms performed slightly less consistently than their larger and restricted counterparts in the regulator’s recent suitability review, but Young argued even a peer-group review can help iron out the rough edges for smaller, independent firms.

“The bit I’m increasingly seeing over the years that has an impact on adviser behaviour is whether there’s an independent ‘second line’ of compliance review brought in,” he said.

Compliance Consultant have also noticed that there are poor standards and these often remain unchecked or reported. Until they get a visit!

We can Help – We can conduct a suitability review check for you at a reasonable cost. Don’t rely on your compliance outsourced service that just charge you a fee and spend a few hours with you each year.

Enter Your Details For A FREE Suitability Report Construction Guide





Source- https://www.professionaladviser.com/professional-adviser/news/3010804/have-your-work-double-marked-phil-young

Increasing Cost of Compliance And How To Reduce It

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Regulatory Compliance Costs Can Be Mitigated

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Senior Managers and Certification Regime – Does Everyone Need To Know?

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In Financial Services, It Is True …..

The Walls Have Ears

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Keep Your Secrets SafeDon’t Risk Everyone Knowing Your Business.

Is Your Compliance Team Failing To Prepare Senior Management For The Future?

The Financial Conduct Authority will put firms senior managers “through their paces” with the introduction of the Senior Manager’s Regime in 2018, …

… and regulatory professionals need to ensure that the board takes its compliance responsibilities seriously“, the owner of “Compliance Consultant“, Lee Werrell has warned.

“Although the industry had yet to see the regulator take a senior management “scalp”, the FCA will, as now, expect Directors, Chief Executives, Some Non-Executive Directors and their boards along with other Senior Management to be fully conversant with day-to-day compliance and risk issues. Boards must be well informed through relevant and pertinent MI”, he added.

The FSA’s Enforcement Guide 8.2 states ‘The FCA will proceed on the basis that a firm (together with its directors and senior management) is primarily responsible for ensuring the firm conducts its business in compliance with the Act [FSMA], the [FCA] Principles and other rules.’

Despite the fact that it would not be reasonable to expect the chief executive of a large company to deal with this level of detail on a daily basis, whenever any issue of compliance or risk arises, the regulator would typically ….

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UK IFA Suitability Report Construction Guide

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Suitability Report Construction Guide

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FCA tells firms to revisit past advice after suitability review

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FCA tells firms to revisit past advice after suitability review

The Financial Conduct Authority (FCA) has said firms should revisit advice given in the past after it found unacceptable examples of suitability reports as part of a review which involved 700 firms.

In April 2016 the FCA started the review when it asked firms for suitability reports from the previous year.

The regulator has recently begun to send out letters to firms which took part in the review, detailing what it found out about individual firms.

As well as looking at suitability requirements for a particular client, the regulator has commented on whether reports have met disclosure rules and looked for ‘indications of weaknesses’ in the advice process.

Firms which did not meet the regulator’s standards have been told to rethink advice given in the past.

‘Where we have identified issues with your advice process, please consider how these may have affected any clients and what actions need to be taken to improve these processes going forward,’ the letter, seen by New Model Adviser®, said.

‘Where applicable, you should look to revisit any advice that may need reconsideration and possible further action by your firm.’

In the letter, the FCA tells firms whether the suitability report showed the advice was suitable, unsuitable or unclear. It also tells firms if the level of disclosure is acceptable, unclear or unacceptable.

Problems with advice processes are also identified, where the regulator looked to identify problems which may affect other clients not included in the review.

The FCA said that where problems have been identified with a suitability report, advice firms should tell the clients about any missing information.

‘Please revisit the client file and consider how the client can be informed of the necessary information that has been omitted. In addition, consider how the omission of relevant information disclosure might have adversely impacted other clients and consider whether this omission reveals an area in your wider advice process which might be improved,’ it said.

Advice firms have two weeks to contest any inaccuracies in the FCA’s response.

Public findings?

The FCA has so far stopped short of publishing wider findings from the review of suitability reports.

However, under the ‘next steps’ heading in the letter the regulator said it was considering how to publish general findings from the reports to investment advisers.

‘The findings in this letter are specific to your firm and do not constitute general findings from our review. We will not name firms when communicating any general findings,’ it said.

Compliance Consultant can provide past business review services for any size of IFA or Wealth Manager. Please contact our London office on

 0207 097 1434

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Source: http://citywire.co.uk/new-model-adviser/news/fca-tells-firms-to-revisit-past-advice-after-suitability-review/a990637

IFA Access Compliance advice on Facebook

Message from the Owner: Hello, my name is Lee Werrell, Chartered Fellow of the Chartered Institute of Securities and Investments and a Fellow of the Institute of Sales & Marketing Management. I have also written the “Compliance Managers Guidebook and Reference) found on Amazon and the book “Conduct Risk”. 

Anyway, you may or may not have heard of me but, either way, I think it’s important to know I’ve just created a brand new “No cost” service to IFAs and Wealth Managers, and the group is already filling up with information and guidance.

And the title of our brand new service is a Facebook Group called “IFA Compliance UK”.

Do you use social media? Do you get great results?

If you search groups for IFAs of Financial Advisers on Facebook here in the UK, the results are pretty poor, in fact it is pathetic, as IFAs are not really using social media effectively, let alone email marketing (two areas that we shine in).

The group is free to join up until the end of April, but after that will revert to subscription membership.

This new service is so revolutionary and new providing you with a peer advice as well as regulatory opinion from Compliance Consultant (a leading UK consultancy), information that you won’t find anywhere else, at the touch of a mouse.

It doesn’t matter if you are a DA or a network firm or even if you conduct your own compliance in-house, sometimes you need a third party to back up or even challenge your own answers. That’s where the group adds value and becomes powerful.

There are 5 great reasons to become a member of our group now.

  1. This service is completely without charge for the first three months. That’s right, open to IFAs of any size and locations that are regulated by the FCA.
  2. Once you are a member, there is no charge, at all, ever (unless you leave and rejoin).
  3. You get qualified and experienced advice from compliance professionals and not just hearsay or a company trainer’s opinion from IFA networking events.
  4. We also have access to hundreds of contractors and specialists (PTS, Complaints etc) if you need them.
  5. We are a leading compliance consultancy in the UK, and
  6. A member of the Association of Compliance Consultants (APCC) the only trade body recognised by and working closely with the regulator.

Join now at https://www.facebook.com/groups/IFAComplianceUK/ or search “IFA Compliance UK” in Facebook and we look forward to seeing you soon.

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Ask Anytime Service for SMEs

“Who Else Wants To Have Compliance Answers – Fast .”

Dear Friend,

My name is Lee Werrell. You may or may not have heard of me. Either way I think it’s important to know I’ve just created a brand new Service to IFAs and Wealth Managers filled with secrets that will completely change the face of your business forever.

And the title of our brand new service is called “Ask Anytime” for UK SMEs.

“This new service is so revolutionary and new providing you with a wealth of information so fast, that you won’t find hardly anywhere else, if you find it anywhere at all. Because these services are exactly what elite, top performing Financial Services use.”

If you are a directly authorised or even a network firm, you will typically use someone else for your compliance services, and we have worked with many of them over the years, but they all have some limitations and failings to you in their service. Even if you conduct your own compliance in-house, sometimes you need a third party to back up or even challenge your own answer.

If you ever have a regulatory intervention, a visit from the regulator or one of “those” letters, you will need an independent view to provide guidance in how to formulate your response.

Many IFAs and Wealth Managers comment to us that on contacting their third party services, they often feel let down.

This is likely to get worse as they take on more and more smaller firms that can no longer face isolation, and either sell up or sell into larger firms.

The biggest complaints we hear are;

  • No answer – so many “compliance services” don’t respond in a timely fashion.
  • A delayed answer – how many times have you waited days, even weeks for a compliance related answer?
  • The run around, while they try to find out who they can get to talk to you.
  • Explaining your query and the situation only to be told you have gone through to the wrong department.
  • You get to play telephone tag when they finally call you back, missing each other’s calls.

These issues are just the top five issues. Pretty amazing stuff. Have you had that happen to you? And there’s more…much, much more!

But why would you – or should you – listen to me?

Well, it’s simple. . .

Compliance Consultant has been around for the last 19 years and have operated in all the major areas of compliance in UK financial services. We have dealt with EU regulation and its interpretation, we have redesigned processes and procedures for sales teams, created contemporary and compliant governance, we sell an online “Compliance Manual” Template, that has been purchased by all sizes of financial services firms from small PSPs and IFAs through to Private Banks and Stockbrokers. Additionally, I personally was appointed as a skilled person to conduct S166 reports in 2012 and I am a Chartered Fellow of the CISI. We have saved companies regulatory capital and have conducted past business reviews for firms that were selling or even going to court. I was also an IFA myself and selling for 13 years up to 2000.

Now, if you’re wondering why I told you all that…here it is.

I understand what it means to be at the receiving end. I know what it feels like to be unsure of what you are being asked to do or provide. On the other hand, I also understand how it feels to breakthrough and succeed. Because of this, I made a promise that if I ever discovered the secrets to becoming successful in the Financial Services industry, I would share them with as many deserving people as I could.

Business is not all about turnover, profit, costs and earning per sale, it’s about relationships. Whenever I see someone getting treated as a revenue generating unit, I cringe. If I know the answer that someone is seeking, or perhaps more importantly, know where to look for that answer, I will step in and help them. And I’ve done that several times.

But, I realise that that is only a tiny fraction of the people who could benefit from our new service. Which is why I want to give you a quick “sneak peek” at what’s inside.

As a member, 

  • you can keep the relationship with your existing compliance services provider
  • you get access to our service when you need answers fast!
  • you will have an answer within 48 working hours maximum, but usually a lot faster.
  • The person that takes your call will take ownership for that query.
  • Anyone who answers your call will be qualified to at least frame the issue and know where to get the answer.
  • We will call you back at a time to suit you – no telephone tag
  • If you need greater support and assistance, we can provide it for some great rates
  • You will get updates, offers and information on developments and impacts on your business.
  • We will keep a log of your enquiries and send you a copy every quarter
  • And much, much more!

Here’s the deal: I’ve done everything in my power to ensure you will succeed using this Service, and have peace of mind. And there’s no doubt in my mind that you’ll love once you become a member. But You Need To Sign Up. Please complete the form below!

But, if by some off chance you’re not, I’m offering a…

100% Risk-Free Money Back Guarantee.

That means you can actually give a try and if – for any reason – you’re not happy with it, I’ll quickly return every penny you paid for up to the previous 12 months. No hassles. No questions asked.

By the way, just in case you were wondering, here’s why I chose this guarantee.

  1. With my guarantee, you’ll have more than enough time to go through to see if it’s really for you. (And I believe it is.)
  2. It takes all the risk away from you, and puts it all on me. It forces me to put my “money where my mouth is“. So either this works as promised…or you’ll get back every penny.
  3. I’m 100% confident that will deliver extraordinary results. In fact, I believe in it so strongly that I’ll bet by the time you’re finished using our service, any chance of you not being happy will be a distant memory.
  4. And there is no VAT!

So what are you waiting for?

Every compliance and risk question you may have in the future.

Don’t miss out on this one-of-a-kind offer that will help you in your business or your money back.

To your success,

The best part is these bonuses are valued at ! So don’t wait. Contact Us today!

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