FCA File Checking
Rigorous and regular client file checking
Is essential to the maintenance and enhancement of an IFA’s FCA compliance regime.
Reviewing documentation also assists firms in identifying and remedying poor practice and highlighting where professional development and management interventions could enhance individual and corporate performance.
File checks can provide persuasive evidence of the effectiveness of – and adherence to – management and FCA compliant procedures.
They are an important component of internal performance monitoring in relation to key FCA regulatory requirements.
These include outcomes-based initiatives such as Treating Customers Fairly and Know Your Customer, as well as the staff development focused Training & Competence regime.
File checks help to identify and remedy gaps in compliance with the Conduct of Business regulations and specific rules on disclosures and communications.
Expert & impartial FCA file reviews
We offer a comprehensive FCA file checking service tailored to the needs of individual businesses and the nature of transacted business.
We can also provide comprehensive file checking services in the specialist area of Defined Benefit Pension transfer advice thanks to our qualified and experienced consultants.
Deep-dive reviews investigate observance of both FCA regulations and a firm’s own procedures.
These may scrutinise a broad range of issues such as fact-finding processes, identification and treatment of vulnerable customers, product oversight and disclosure and the appropriateness of suitability reports.
Our FCA File Checking Services
IFA Consultancy offer professional file reviewing as a standalone service or part of wider Compliance Support Plan.
Features and benefits include:
- Remote service - responsive and cost effective
- Fixed point (monthly, quarterly, bi-annual, annual) or ad-hoc
- Suitability of advice and process reviews - pre and post-sale
- Qualified independent oversight
- Identification and remedy of breaches of regulation and company specific protocols
- Promotion of compliance culture
- Creation and maintenance of compliance evidence base
Expert & impartial FCA file reviews
It’s not just our professional expertise but our detachment which makes our professional FCA file checking service so beneficial. Fresh and expert eyes can identify the errors and omissions you may miss, whilst our impartial observance ensures you receive balanced advice.
Our clients benefit from the individual feedback and guidance provided directly to the adviser and their supervisor. This includes possible remedies to any issues highlighted through training or changes to paperwork or process.
The file feedback provides quantitative data essential for the monitoring of Key Performance Indicators as part of the Training and Competence Regime.
To discuss your FCA file checking needs with our Principal Consultant, Kevan Thorn, please call 01253 746755, request a call back or email us.
There is no charge for this initial consultation.