The challenge
The client wished to launch as an Appointed Representative, and the brief was to set the firm up to be able to do this successfully.
Their aim was to target the “advice gap” caused by recent changes in regulation, which means that millions of people in the UK are understood to be missing out on access to effective and affordable financial advice.
The idea was to come up with sound, jargon-free advice and support for this ‘forgotten majority’ that has been side-lined by traditional financial advisers.
The innovative service saves money, time, and unnecessary complications, thus making it a leader in a very competitive market from the outset.
The solution
The key to our approach with the firm was the recognition that it was not a normal project and that we needed to offer a bespoke service to get the firm launched as an Appointed Representative of Resolution Compliance Ltd (our sister firm) as quickly as possible.
It was decided that our team would visit the client on a regular basis to offer advice and support.
The time with the client centred around ensuring it was set up to operate in a compliant and risk-free manner. We helped and advised accordingly whilst encountering some teething problems.
This was a challenging but also an exciting time to help and develop the firm. We had to ensure our service would be time-effective and would get the firm to market as quickly as possible while also ensuring that it would be compliant.
The result
The key benefit of our service to this client was our ability to deliver advice and support on the various issues encountered pre-launch. This bespoke service saved time for the firm and helped accelerate the launch. Regular visits by our manager gave direction on the firm’s compliance position and ensured risk was reduced at a critical time for the firm before launch.
We worked with the client to develop and implement compliant AML, KYC and MiFID II policies and procedures that would match the standards of a directly FCA regulated firm.
We continue to work with the firm as an adviser. The Appointed Representative business has been running successfully as it continues to expand rapidly to this day. The client management is delighted with the result to date and for the help and assistance received from the team, especially in identifying any issues and recommending solutions to be implemented right away.
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Contact us on 0207 436 0630 or email info@thistleinitiatives.co.uk.