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Compliance Services for Financial Planning FirmsGrainger Consulting has unique knowledge and experience of the financial planning profession and the regulatory issues relating to it. For over ten years, we have worked very closely with the Institute of Financial Planning (IFP) and have been at the forefront in development of the financial planning standards. We have also been closely involved in developing qualification standards and training courses for The Certified Financial Planner (CFP) Licence. Many of our regulatory consultants have practised as financial planners or paraplanners in addition to their regulatory specialisation. Our consultants include a former CEO of the IFP and the Senior Assessor for the CFP Licence. We have carried out assignments relating to financial planning standards and practise for many firms in the UK, and overseas. Financial planning firms can include firms described by a variety of labels such as:
What matters is not the label used to describe the firm, but whether the firm follows adequate standards to ensure it provides an acceptable standard of service and is compliant with regulatory requirements. Grainger Consulting is geared to help any of the firms mentioned above. We can provide advice and hands-on assistance with many of the technical and compliance issues relating to the financial planning process, customers' experience, practice standards and the regulatory issues arising. Practice ManagementGrainger Consulting can help with:
External compliance monitoringWe assist our clients in a very practical way by helping them carry out the regular compliance risk and resource assessments necessary to demonstrate the required level of senior management control of their business. We will then help them to implement appropriate compliance monitoring programmes supplemented by regular external monitoring by Grainger Consulting. This ensures that internal monitoring is robust and provides good quality control. Bulletins and timely remindersThe reporting requirements for the FSA and other relevant regulators can be confusing and onerous. We produce a bespoke summary of requirements for each of our clients. We then issue timely reminders to them for each item requiring a report or notification. There is a continuing stream of regulatory material that firms must read and digest in order to ascertain whether it is likely to have an impact upon their business. Grainger Consulting will help by producing regular short, reader friendly bulletins, which summarise issues or news so our clients can decide whether further investigation is required. Additionally we will produce in depth analysis as required for major regulatory developments. Regulatory consultancyFirms frequently face business decisions where an incorrect or incomplete grasp of the rules can result in actions that have serious regulatory implications. We will help by being available to attend and contribute to senior management discussions relating to major issues. We will consider the business objective and advise the optimum action to achieve it in a compliant fashion. We frequently help our clients to get key decisions right first time. Liaison with regulatorsOn a significant number of occasions we assist our clients by handling, on their behalf, discussions or consultations with the FSA and other regulators. Sometimes we are able to do so on a "no names" basis. This enables us to explore issues and clarify what will or will not be acceptable to a regulator. |
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Grainger Consulting, Quantum House, 32 Mellor Road, Cheadle Hulme, Cheshire, SK8 5AU, United Kingdom
Phone 0161 486 1000
E-mail cheadle@compliance.co.uk
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