We believe that all financial planning firms are different, which is why we pride ourselves on ensuring we adapt to how you need us to work.
We will always work with you to ensure we achieve that common goal.
Our aim is to be different from any other compliance service you have experienced and provide added value to your business by making a difference.
Below are a number of due diligence questions that the FCA would expect firms to take into account when considering working with a compliance partner: –
Compliance Consultant Due Diligence
These are the questions according to the Association of Professional Compliance Consultants (APCC) you should know about your Compliance Consultants.
|Does the proposed 3rd party have the necessary experience to assist you and your firm?||Yes, all consultants have experience working with directly authorised firms.|
|What are their qualifications?||All consultants are qualified to diploma level via the CII qualifications.
A number of consultants are working their way towards Chartered Financial Planner status.
|What are their financial services and regulatory experience?||All consultants have been in the financial services profession for a number of years in numerous roles, amounting to over 212 years overall.
Many of our consultants have advised before entering the field of compliance.
A number of our consultants have been inhouse compliance officers which included T&C oversight.
Individual CV’s are available upon request.
|How do the consultants keep up to date with regulatory and product changes?||As part of their continuing professional development (CPD), all consultants attend seminars held by product providers and the Association of Professional Compliance Consultants (APCC), FCA seminars, consult with life representatives, visit the FCA website and complete private study.
CATS is a member of the Association of Professional Compliance Consultants (APCC). As a firm we adhere to their code of ethics and undertake to conduct and record CPD activity. As a firm we align ourselves with our clients and undertake to complete 35 hours per annum of which 21 hours will be structured CPD. This includes an element of protection CPD.
|Which associations or trade bodies are the consultants’ members of?||All consultants are members of the Personal Finance Society. Melony Homan is also a member of the CISI.|
|If the firm decides to work with CATS, does the contract detail the type of work that will be done?||Yes, full activity plans are issued and agreed.|
|Will the service agreement be reviewed on a regular basis to ensure that it meets your requirements?||Yes – annually from the date that the agreement is signed.|
|What are the charges?||This is dependent upon the size and requirements of the firm.|
|Do they have sufficient resources?
|Yes, we are a team of 12 people, 10 of which are Compliance Consultants. This means that we have sufficient resource in place to cover illness, holidays, etc.|
|Is CATS GDPR compliant?||CATS has undergone a review of their data security following the implementation of the General Data Protection Regulations.|