For a financial services firm understanding the Regulator’s requirements is vital to keeping the business safe. Clapton Consultants advises firms how to integrate those regulations into the operational procedures of a business to create best practice. Advice is also extended to include Senior Manager Responsibilities and how to develop the culture of the firm from board room to administration.
Our standard terms of business and engagement letter may be viewed here.
For Independent Financial Advisers
Regulation is becoming stricter with increasing attention on the personal liability of regulated individuals and senior managers. Viable, auditable systems for governance, risk and compliance are required to record all the operations of the business from client take on to payment of expenses. In addition senior managers are required to set a professional tone and culture for the business. First class processes that support quality client advice will enhance the value of a firm.
Clapton Consultants will review a firm’s systems including board procedures and provide a detailed report with recommended changes.We may also be retained to help facilitate the changes and the principal is available to act as a Non-Executive Director.
One area of concern for advisers is how to develop the investment proposition for their business. For many this will include building and managing relationships with discretionary investment houses. Understanding the responsibilities of each party, and ensuring that this is clearly reflected in both the business and client agreements, is vital. Clapton Consultants has considerable experience in this area, our involvement bringing both value and safety to the advisory firm.
For Chartered Accountants
Pension Freedom reform has increased the integration of registered pensions into other areas of taxation and financial planning for business owners, employees and pensioners. Chartered Accountants are trusted advisers and now have the opportunity to expand their services to include financial advice. The Retail Distribution Review has led to the replacement of commission with agreed adviser remuneration that suits the time charge method used by accountants while authorisation for investment business by the ICAEW allows the inclusion of generic financial planning.
There are a number of business model available to a practice that wishes to incorporate financial services. Clapton Consultants has experience of developing and successfully incorporating such business models, and can assist the partners with the initial decision, setting out the strategy and facilitating the integration.