Risk Management for Professional Introducers
Understanding compliance implications post N2 and the introduction of FSMA 2000
Whilst most IFAs have a detailed understanding of their own compliance and regulations, few have taken the time to understand the compliance implications post N2 and FSMA 2000 on professional firms. Warwick Butchart have invested considerable resources to learn about how the new regulations affect our professional introducers, and we can assist in their own risk management and enable the introducer and its fee earners to stay compliant within their DPB regime.
Many practices are no longer authorised to conduct investment business – or they may not have sufficient resources to be confident that they can provide fully compliant advice. This places restrictions on the advice they are able to give to clients. The implications of the Financial Promotions Order and the Regulated Activities Order, with regard to what can and cannot be said and what can and cannot be done by fee earners, can seem daunting. We can provide guidance.
What are the Risk Transfer Opportunities for Your Practice?
Establishing a structured professional relationship with Warwick Butchart Associates Ltd could be a very effective risk transfer mechanism, allowing you to concentrate on your own areas of professional expertise. By transferring certain categories of financial services clients to us, we can keep your own exposure to the financial services regime as low as possible. This can help with internal risk management, ongoing complaints experience and ultimately your practice’s ability to gain cost effective Professional Indemnity Insurance.
Warwick Butchart can deliver a structured professional financial services solution to professional introducers and their clients. We are strongly committed to meeting the needs of accountants and solicitors and their clients and have taken the time to understand the issues facing the different types of practice.
Here are just some of the ways in which we support our professional introducers:
· regular management meetings to discuss work in progress and develop new ways in which we can support the introducer and their fee earners
· referring clients back to the introducer when they need further professional advice
· assisting with training on financial services and risk management for introducers and fee earners
· provision of accurate and timely management information to keep the introducer up to date with the advice we have given to their clients
If you are a professional introducer and would like more information on this topic, please contact Warwick Butchart or speak to David Burren or Len Warwick on 01242 584144.