24th October 2018

File Checking

Let our experience and expertise help you in this area. We have our own comprehensive file checking system which can generate a wealth of management information, both at firm and adviser level.  This can help supervisors identify any trends that are arising and take appropriate action if necessary.

All files are reviewed by a competent, diploma qualified consultant.  This is not a tick box exercise but an opportunity to review the advice process as well as the overall suitability of the advice.  We consider whether the adviser has followed the required FCA rules as well as whether the firm would be able to defend the advice in the event of a complaint.

Where the regulator has published suitability questions following previous reviews, these are also completed as part of the file review process i.e. for pension switches, platform business and structured products.

Where we select the files to review, we will focus our attention to high-risk business, however you categorise that within your organisation.

We can also review files on an adviser risk-based approach i.e. more files are reviewed for trainee advisers or those identified as high risk to the firm.

Whilst we always prefer to carry out these file reviews at your offices to enable us to give more constructive and personal feedback, we are perfectly able to carry out remote file checking if requested. Documents can be transferred securely to us via our Client Portal.

Annual reports

As part of the firm’s governance there are a number of annual reports which should be written. These reports can include the following: –

  • Money Laundering Officers Report
  • Money Laundering risk analysis
  • Compliance Oversight report
  • A review of the effectiveness of the T&C scheme
  • TCF review (if not completed more regularly)
  • Review of the firm’s Compliance Monitoring plan

However, as with all things, there is often not enough hours in the day, but this is where we can help. We will liaise with the person responsible for the reports to obtain the relevant data. We will then draft the report ensuring it is relevant to the firm. The reports are then submitted to the individual for their perusal. Once they are happy with the content the next job is for the individual to discuss the content of the documents at management/board level.