The FSA recommends that, where a firm decides to appoint a compliance consultant for the purposes of helping the firm in organising its business, the firm must ensure that appropriate safeguards are put in place to enable it to monitor the services provided by the consultant.
Selecting a Compliance Consultant
A firm cannot contract out its regulatory obligations and it will remain responsible, so choosing the correct compliance consultant is of paramount importance.
Although the FSA cannot recommend or promote the services of any particular compliance consultant, they have provided a number of questions and issues you might wish to consider prior to appointing a compliance consultant to assist your firm.
Here are the FSA’s questions and our answers to show you can choose ICS with confidence.
Experience and qualifications of the consultant
Q Do they have the necessary experience to assist you and your type of firm?
Q What are their qualifications?
Q What is their financial services experience?
Q What is their regulatory experience?
A Click here to see full details of the highly experienced ICS Team
Q How do they keep up to date with regulatory and product changes?
A Since inception ICS have employed a professional research assistant whose sole
role is to keep the Team informed of changes to the regulations. She is supported
by a Team of three specialists in Head Office who also keep the Team informed of
all developments in the compliance arena.
Q Which associations or trade bodies are they members of?
A Association of Professional Compliance Consultants
Services provided by the consultant
Q What type and level of service do you need?
A We offer a wide range of types and levels of service. Click here for details
Q Have you asked for, and will you enter into, a service level agreement (SLA)?
A ICS has a set of internal service standards that we are happy to provide to any
of our clients. The growth of our client base to over 350 regular ongoing clients, by means of recommendations and referral only, says all there is to say about our service.
Q Have you ensured that the SLA details the work that will be undertaken?
Q Will you and the consultant ensure that the SLA is reviewed and remains
'fit for purpose'?
Q What are their charges?
Q How many firms does the consultant work for?
A More than 300 intermediaries and insurers retain our services on a continuing
basis. A further 250 have used us on a consultancy basis.
Q Do they have sufficient resources or might they be overstretched?
Q What are their back-up arrangements for holidays etc?
A Back-up for any absence is provided through our Head Office technical team and, where required, one of our team of Consultants based around the country
Q What type and level of service do you need?
Q Have you asked for, and will you enter into, a service level agreement (SLA)?
References
Q Have you reviewed their professional integrity, reputation, skills and competence?
A We are happy to provide the names of a number of our clients who have agreed to provide us with references.
Q Have you asked for a list of clients and taken references?
Q Have you compared them to any other consultants?
Q Do they/will they add value?
Q Has any regulated firm they have worked for ever been subject to any action by the FSA?
Q Does the consultant have Professional Indemnity Insurance and is it sufficient?
A ICS has full Professional Indemnity Insurance for all our Associates and Head Office Personnel providing cover up to £3 Million
Assessing and Monitoring Consultants
The FSA have issued a paper on Assessing and Monitoring Consultants including some examples of good and poor practice, acting on recommendations
and a fact sheet on using a compliance consultant. Follow this link to access this paper Assessing and Monitoring Consultants