Regulation And Your Protection

We are Authorised and Regulated by the Financial Conduct Authority. Their main roles in respect of regulating our business are as follows;

Regular conduct assessments.

Monitoring products and other issues to ensure firms play fair and don’t compromise consumer interests.

Respond to events or problems that threaten the integrity of the industry.

Ensure firms compensate consumers when necessary.

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK and their address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. You can check this on the Financial Service’s Register by visiting the FCA’s website www.FCA.gov.uk/register.

Our FCA reference No. 467126

Being Directly Authorised by The Financial Conduct Authority, we also pay an annual levy to the Financial Services Compensation Scheme.

This means that our clients are covered by the following important protections;

Most types of investment business are covered up to a maximum limit of £50,000, whereas Insurance business is covered for 90% of the claim, without any upper limit.
Further information about this compensation scheme arrangement is available from the FSCS.

The FSCS protects:

Deposits

Insurance policies

Insurance broking (for business on or after 14 January 2005), including connected travel insurance where the policy is sold alongside a holiday or other related travel (e.g. by travel firms and holiday providers) (for business on or after 1 January 2009);

Investment business

Home finance (for business on or after 31 October 2004).

Audits

The Financial Conduct Authority require us to provide specific financial information, advice data, accounts (to name a few), twice every year.

We also employ an Independent Firm of Auditors to conduct an annual review of our working practices, competency, regulatory procedures, file keeping and advice systems and practices.

The FCA have conducted much more in-depth analysis of our business practices during their Thematic Reviews in respect of Treating Customers Fairly (2008) and how we are prepared for associated Business Risks (2014) within the current economic and financial services market place.

Professional Indemnity Insurance (PII)

Professional indemnity insurance (PII) is liability insurance that covers businesses in the event that a third party claims to have suffered a loss as a result of professional negligence.

We hold this in addition to the additional costs of the Financial Services Compensation Scheme.

When deciding whether or not to insure us, we are assessed on some of the following areas:

Compliance systems
Management Controls
Training and Competence
Historic processes
This is conducted annually

Competency and Training

We have a robust training system, which continues for the period of time our advisers and support staff remain with the company.

This consists of online modules, one to one assessments, observations and regular exams and product tests.

The FCA expect and monitor us on a high-level competence requirement, which applies to individuals engaged in the regulated activity in all UK authorised firms.

All of our structured Training methods are designed to assess our employee’s skills, knowledge and expertise needed to discharge the responsibilities of an employee’s role.

Once in their roles, we assess the competence of employees on a regular basis, as well as continue to assess employees’ training needs.  We consider changes in the marketplace and in products, regulation and legislation, together with the skills, expertise, technical knowledge and behaviour of the employee, and their ability to apply these in practice.

Statement of Professional Standing

The FCA requires that all retail investment advisers now hold a Statement of Professional Standing (SPS)

An SPS can only be issued by an FCA appointed accredited body, such as the CII, and confirms that an adviser:

Has adhered to a code of ethical standards
Holds the required qualifications for the activities they undertake; and
Has completed appropriate CPD and complied with APER (Statements of Principle and Code of Practice for Approved Persons)

Holders of an SPS must apply for renewal annually from their accredited body, who will check that they are meeting the criteria each time

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