As we can fully appreciate, many firms tend to focus the majority of their time on their customers and often don’t get the chance to carry out a complete compliance audit on their business. As part of our Systems and Controls Review we review all areas of the business including: Current Procedures, Risk Management, Business Continuity and Structure, Complaints Handling, Training and Competence, Financial Promotions, Advice Process, File Review, Anti-Money Laundering, Treating Customers Fairly to ensure the correct compliance manuals are in place and that the firm is acting in accordance with the FCA requirements. This visit is extremely intense and if you wish to have a complete audit of your firm then this is a good place to start. At the end of the visit, (which lasts for a full day), you will receive a comprehensive report detailing what the firm has in place and any further action that is required.

If you are asked ‘how are you evidencing TCF’ or ‘what have you put in place to meet TCF’ and you struggle to find an answer then you may need professional support. Treating Customers Fairly (TCF) is one of the FCA’s Principals (Principle 6). However, over the last few years this has been a hot topic with all firms either receiving a telephone call or a visit assessment from their predecessor. As part of our TCF visit we will carry out a GAP Analysis along with a full TCF review including what Management Information the firm is using and how the culture of TCF is embedded into the firm. Normally we find many firms have evidence to support that they are treating customers fairly but don’t realise they could use it towards TCF. After carrying out a full day compliance visit with us, we will explain what can be counted towards evidencing TCF and ensure it is clearly embedded within to the culture of the business. You will also be provided with a full report which can count towards meeting one of the six TCF Outcomes.

When firms take on new advisers there are a number of areas that should be covered. Therefore, we have produced a visit for Advisers and Appointed Representatives to ensure they understand the FCA requirements including; File Reviews, Observation Assessment, CPD review, TCF Assessment, Compliance Assessment, Complaints Handling Training and Test, Anti-Money Laundering Test, Fit and Proper Review, Verification of Identification Check, Financial Promotions Review, Knowledge Test. Following the visit (which lasts approximately half a day per adviser), a full report will be produced along with a development plan. This visit can be used as an Induction and/or regular Supervision Visit to evidence that the adviser is being reviewed to ensure they are competent in their role. Please contact us for a full list of the areas carried out.

If all you require is to know that your client files are compliant then we can carry out either a half or full day file review visit. This will include: reviewing a number of files to ensure all relevant documents are held on file in the correct order; there are no discrepancies; the factfind has all the relevant sections completed; the Suitability Letter clearly demonstrates why the product etc was recommended and that the advice given is suitable. We will also provide you with a Feedback Report which will contain suggestions on any omissions or improvements that could be made.