Compliance Outsourcing
Most firms understand that they have a high compliance risk; they also realise that to manage that risk confidently they need a capable individual to take overall responsibility for compliance. However, taking on a specialist senior employee can be an additional and unwelcome cost. We can help by providing a regular, external view of the firm’s compliance status but for significantly less than the cost of a full time senior staff member.
Outsourcing arrangements can be flexible, for instance they can be tried and tested without a long term commitment. Most importantly, the firm can be confident that their compliance function is being properly managed which helps them concentrate on growing their business.
Where we act as a fully outsourced compliance department then a far wider range of activities may be carried out. We have a range of services which can be tailored to your requirements and typically range from £500 (sole traders) per day, depending of the firm's size and the complexity of the service required. These might include compliance audits of new business transactions, monitoring of ongoing adviser competency and CPD, stationery financial promotion approval, updates on compliance issues, checklists, guides and email and/or telephone support.
We look to tailor the service to our client’s business needs, while ensuring that both compliance breach risk, and the costs of regulation, are minimised. The cost of outsourcing will vary, dependent upon the services you require, but we believe it is less than the cost of doing the same tasks internally.
We feel Compliance Outsourcing is appropriate in the following situations:
- Where the firm wants to be cost efficient in managing compliance;
- Where the firm feels external support would supplement and offer an expert level of support in managing compliance risk;
- Where the firm has no internal compliance department, or the person responsible is not sufficiently skilled or motivated to take full responsibility for this level of risk;
- Where the firm does not want to recruit a senior employee with sufficient compliance expertise to manage the risk;
- Where an external review of systems and controls and their application is desired to maintain confidence in the firm’s compliance system.
Please contact us for further information.
His guidance has been invaluable to us and we can whole heartedly recommend him and the service he offers to others looking for solutions to problems in the area of Compliance.
Richard Hall
Director
TCS Life and Pensions