Core Service Lines
We have assisted a number of new companies and new entrants to the UK in achieving FSA authorisation ranging from small partnerships to large international firms. Our practice is to provide as little or as much assistance as you need in order to help keep costs under your control. We can provide all documentation required and will project manage production and passage of the application through to authorisation
We can provide the level of support required when you need it most.
We recognise that proportionate and practical support are vital to ensuring that your business meets its regulatory obligations in a manner that is consistent with the firms objectives.
There is value to be added by an effective risk management process and by having efficient risk monitoring resources. A risk monitoring process, if well thought-out and executed, will help line management operate their business processes with added efficiency.
Monitoring activities need to provide comprehensive coverage of the business and regulatory risks that a firm is exposed to in a proportionate manner. The risk of over-monitoring is just as real as that of under-monitoring; the result of the former is inefficiency and expense, the result of the latter could be failure of the business. FMConsult help management teams build a comprehensive risk-based monitoring programme to suit their business needs.
Our forensic compliance skills can help in instances of fraud, misconduct and breaches, as well as in preventing or resolving commercial disputes.
FMConsult can provide practical and cost effective skilled persons reports that will meet the requirements of the FSA's Section 166 orders and give the firm a real solution to the problem.
FMConsult offers a comprehensive service to assist new and established investment managers and hedge funds. It is essential that asset managers are working with the right partners and that the fund manager and the fund are compliant with the increasing number of new regulations and best practices
We are an independent provider of company secretarial services for Collective Investment Schemes. We currently provide services to Irish and Luxembourg schemes and are happy to extend these services to other jurisdictions. We also offer disclosure advice to firms in the UK in respect to Take-Over Panel and Companies Act requirements.
Ongoing oversight of a fund’s or management company’s operation is the responsibility of the Board of Directors. Regulators have made this point clear on a number of occasions to the funds industry.
FMConsult has noted that many different fund’s or management company’s have, in some cases, individual director’s responsible for specific key managerial functions, whereas in other cases the whole Board are collectively responsible for the key management functions.
FMConsult acknowledge that fund promoters and directors, in some cases, require support because of their busy work load. FMConsult provide support in the form of Independent Oversight and Compliance Monitoring Activities. FMConsult do not provide independent directors as FMConsult consider that to do so would cause a significant conflict of interest. FMConsult consider a truly independent Oversight and Compliance Monitoring approach is to the benefit of both the Board of Directors and Fund Shareholders.
We offer services in relation to the Corporate Governance of Funds, of partnerships; and of corporate entities. We evaluate whether clients operate in accordance with the relevant regulatory codes, identify areas of weakness and can provide solutions where required. We are able to assist clients design and implement relevant practical frameworks that are proportionate to the risk posed.
We provide bespoke training for routine requirements such as new starter induction, Anti Money -Laundering, SIF or NED preparation as well as specialised training such as pre-ARROW interviews.
The marketing of a firm or its services must be conducted in a manner that treats its customers or potential customers fairly. This does not mean that style and content need to be bland one dimensional. At FMConsult we have the expertise and experience to work with you in ensuring that your brand and style are utilised to produce documentation in a compliant manner, appropriate to the audience at which it is aimed.
We can assist at the appropriate stage in reviewing and developing material for communications through the variety of medium available to firms, including:
- Literature mailing
In today’s changing world it is difficult to keep up with everything. FMConsult can assist by providing a range of advisory services to meet your needs:
- Monthly newsletters
- Helpdesk cover for ongoing support
- Quarterly monitoring inputs
In addition we have experienced resources ready to help you with any adhoc queries that you may have, without the need to pay a retainer. Just ask and we will assist, ensuring that your query is dealt with quickly, and efficiently by our experts. As we are independent we face few conflicts of interest, and can therefore offer impartial advice, backed by years of industry regulatory experience. We can provide solutions that are practical and proportionate; assisting you where required producing and in implementing the solutions effectively.
ARROW stands for ‘Advanced Risk Responsive Operating frameWork’. It is the methodology used by the FSA to select which firms to visit, when, and the scope of the visits. It has been announced that the PRA (FSA’s successor) will abandon the ARROW approach in favour of a more intrusive risk-based governance.
Firms subject to a visit will be given a little time to prepare. During this time it is possible to coach senior managers and relevant employees on the expectations of the FSA, and the requirements that must be met. There may not always be time to remedy gaps, but where possible we can assist in identifying and remedying or mitigating the impact.
Ideally, Mock visits are a good way of firms measuring themselves against the FSA expectations, and understanding the true compliance culture within a firm. It aids both compliance officers and senior management. FMConsult has experienced persons with:
- FSA supervisory background
- Compliance Officer experience
- Legal expertise during a challenging FSA probe
We have noted from a number of clients and other firms that there is a significant amount of confusion on the calculation of the new CRD Capital Resources Requirements and new FSA reporting obligations. We note that in some cases, auditors and accountants/bookkeepers have limited knowledge of the exact requirements; we also see regular fines of £250 for late returns being paid to the FSA that could be eliminated. There is also a greater risk of FSA taking action against firms if calculations are wrong.
We are experienced in producing and reviewing firm’s Internal Capital Adequacy Assessment Process, helping senior management fully understand the benefit and approach to successfully implement this process. We will assist with the identification and quantification of risks applicable to your business model and plans for future development allowing you to plan for, rather than fall short of, capital requirements.