Keeping with the philosophy of an entirely bespoke service, we do not have a standard ‘silver to platinum’ range of increasingly complex and expensive service propositions nor do we require firms to pay a set monthly retainer fee, unless this method of budgeting is their preference.
Rather, we develop a personalised service on a client by client basis. This may range from ongoing advice with compliance support, suitability file checks, financial promotion approvals (including proof reading), mentoring and training to ad hoc complaints handling, ‘health-check’ audits and business risk assessments.
- Compliance Support – Ongoing email and telephone support with guidance on regulatory issues that affect firms
- Suitability File Checks – Files are checked to ensure that the advice has been given within the firm’s and adviser’s permissions, all stages of the process meet the required standards, suitable advice can be evidenced, and the file documentation is a robust audit trail. Written and verbal feedback will be provided individually, and results can be collated for quarterly KPI data.
- Financial promotion approvals – Promotional material will be checked for clarity, compliance and quality (proof-reading to include grammar, spelling and punctuation). Amendments will be recommended and approval given. A full review of all website material can be completed annually.
- Documentation – Key disclosure documents and Procedures Manuals (Compliance and T&C) required by financial advisers can be produced and regularly reviewed to ensure that the procedures remain relevant and up to date
- Compliance mentoring and training – new and existing advisers and administration staff are trained on such subjects as TCF concepts, anti-money laundering, good business practice processes, data security, T&C procedures, advice processes etc.
- Complaint handling – Corylus Compliance Services can either handle the complaint in its entirety from file research, liaison with PI insurers to production of a draft final response letter (and subsequent liaison with the FOS if necessary) or provide support and guidance to ensure the timescales are met and an objective review of the file is achieved.
- Health-check audit – Two / three day annual compliance ‘health-check’ visit with a discussion with staff at the end, followed by a comprehensive report. We can then help close any identified deficiencies and provide guidance and training where necessary on TCF, mitigating business and conduct risk, anti-money laundering, complaint handling and data protection.
- Observed live calls/ Roleplays – By observing client meetings and roleplays we can ensure that the adviser is adhering to FCA regulations and provide evidence of good business practice.
- Annual Reports – Drafting annual compliance and money laundering (MLRO) reports
We are also happy to discuss temporary compliance assignments with larger firms that may have their own in-house compliance department but need to resource specific projects, cover maternity leave, seconded staff etc