Investment Business Reviews
Our investment business services can help to improve the compliance and profitability of your investment business work, regardless of whether you are a DPB or FSA registered firm. We can help in the following areas:
Call 0800 2800 433 for more details or to arrange a review
Those who actively undertake investment business , often focus on the compliance aspects to such an extent that they are not maximising their income. Our investment business services can help ensure that you’re complying with the requirements of the regime that regulates you, whilst helping you to cut down on unnecessary costs and time, thereby increasing your profitability!
The investment business regulations require those firms that actively advise on investment business (previously ICAEW categories C and D, and ACCA category 2) to be regulated by the FSA. Those firms who were previously ICAEW category A & B and ACCA category 2 are now regulated through their Designated Professional Bodies (DPB). However, the penalties for non-compliance will be much more severe — breaking the rules will be a criminal offence!
We can work with you to ensure that you meet your regulatory commitments on investment business work. This can involve:
- Undertaking the annual investment business compliance review. All the compliance partner need do is read the report and implement any recommendations!
- Helping before, during and after monitoring visits.
All our investment business consultants are specially trained in investment business issues, and will be able to advise on the latest developments in financial services regulation.
Investment business compliance reviews
The Chartered Institute’s DPB Handbook requires those firms with a DPB licence to monitor compliance with the regulations at least once a year (Certified firms would also be advised to carry out such reviews). This annual review needs to be evidenced in writing and the QAD annual return refers to this annual review, requiring specific information about it. The review is designed to review the firm’s investment business procedures and provide a report, which meets the requirements for the annual investment business compliance review and may be used when completing the annual return without an additional compliance review being performed by the firm.
Specifically, this type of review includes:
- a review of invoices raised to identify potential investment business work;
- a review of commissions received to ensure correct disclosure and consent has been obtained;
- a check on compliance with the non-investment business and investment business Client Money Regulations;
- a check on compliance with the regulations relating to letterheads, brochures etc…
- a review of corporate finance advice;
- a review of powers of attorney and trusteeships;
- a review of internal procedures, training and CPD, if appropriate; and
- a review of any permitted third party arrangements (for those with a DPB licence).
Firms authorised by the Financial Services Authority (FSA) have to comply with a much more stringent regulatory regime which requires considerably more evidence of compliance. We can also undertake annual FSA compliance reviews, although these will take at least two days per office.
SWATUK has two staff qualified as competent individuals under the old regime, and it is policy to use these staff on all FSA visits.
Investment business pre-regulatory reviews
The purpose of this visit is to undertake a dummy QAD review to identify any issues that still need to be addressed before the real visit. A similar review may be carried out prior to a review by the FSA, for authorised firms.
Why choose SWATUK to undertake the review?
- We are recognised by both the ACCA and ICAEW as a reputable provider of external reviews, meaning you can be confident that we will review your procedures fully in accordance with the professional standards, ensuring you’re not left exposed in the event of a visit.
- Following your review, you’ll be provided with a comprehensive written report within 2 weeks , detailing our findings as well as any action points and/or recommendations arising from the review, at no extra charge.
- During the review, we’ll endeavour to identify ways to help your practice run more efficiently, help to cut down on unnecessary time and costs, and therefore improve your profitability.
- Our in-house team of technical consultants have vast and valuable experience gained from working in practice and visiting many client firms.
How much does an investment business review cost?
Prices for our reviews start from just £1070+VAT per on-site day (SWATUK Full Member firms can enjoy a 10% discount on these rates) plus expenses, and don’t forget, this price includes the production of a detailed written report, following the review.
More information and bookings
For more information on any of our reviews, or to arrange a review, call us today on 0800 2800 433.