Choosing a compliance consultant - what you need to know
The FSA website contains advice for firms to consider when thinking of appointing a compliance consultant. In this section we cover the key issues which the FSA raises because we think that the questions they pose such as competency and experience are very reasonable and sensible issues to consider.
At ICS we believe we have nothing to fear from scrutiny in fact we welcome it and publish on this website the qualifications and experience of our consultants for all to see.
For more information about the ICS service call us on 01892 539600 or email enquiries@insurancecompliance.co.uk
The questions to ask
When considering employing a compliance consultant the most important thing to bear in mind is that a firm cannot contract out its regulatory obligations. So, whatever happens, whoever you appoint, your firm remains responsible, making choosing the right compliance consultant of paramount importance.
The FSA has produced a factsheet (click here to download) which sets out a range of questions and issues it recommends firms consider prior to appointing a compliance consultant; these issues range from establishing what type of service you need to agreeing performance standards and costs.
Below we have listed the issues the FSA raises in relation to skills and competence (which we believe are critical considerations when appointing a consultant) and we have also provided information about ICS in relation to each question.
Does the consultant have the necessary experience to assist you and your type of firm?
On this website you can read in details about the qualifications and experience of the ICS team – click here
How do they keep up to date with regulatory and product changes?
ICS employs a professional research assistant whose sole role is to keep ICS consultants informed of any changes to relevant regulations. Our professional researcher is supported by a team of three specialists in Head Office who scrutinise the findings and provide analysis and commentary for colleagues to ensure we have a clear understanding of, and consistent approach to, developments and changes.
Have you asked for a selection of clients and taken references?
At ICS we deal with a wide range of firms and businesses so the chances are we will already be providing compliance support to a business like yours. If you would like to talk to an existing client we are very happy to arrange this and – if you wish - we’ll try to arrange that the company or companies you talk to is/are similar to your own.
Have you compared them to any other consultants?
ICS is a member of the Association of Professional Compliance Consultants (APCC) which means we must follow the APPC’s code of ethics; it’s worth bearing this in mind when comparing the support services available.