How To Select a Consultant
Whatever your compliance, project management or training needs contact Branko Ltd
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Selecting a compliance consultant
“Where a firm decides to appoint a compliance consultant to help it organise its business, it must ensure that appropriate safeguards are put in place to enable it to monitor the consultant’s services. This is because a firm cannot contract out its regulatory obligations. It – the firm – will remain responsible to ensuring sound compliance with the requirements and standards under the regulatory system, whether or not a compliance consultant has been appointed.
Although we cannot recommend or promote the services of any particular compliance consultant, we list below a number of questions and issues you might wish to consider before appointing a compliance consultant to assist your firm. This list is not exhaustive and it may be appropriate for the firm to consider further aspects, depending on the circumstances. It is the responsibility of the firm to obtain sufficient information from its consultant (or any other contractor).”
Branko Ltd has provided answers to these questions and we would be pleased to discuss any of these with you if you are considering using us.
1. Experience and qualifications of the consultant
Do they have the necessary experience to assist you and your type of firm?
What are their qualifications?
What is their financial services experience?
What is their regulatory experience?
How do they keep up to date with regulatory and product changes?
We are always actively keeping our knowledge up-to-date. Branko Ltd is a member of the Association of Professional Compliance Consultants and has a close working relationship with the British Insurance Brokers’ Association.
Which associations or trade bodies are they members of?
2. Services provided by the consultant
What type and level of service do you need?
Have you asked for, and will you enter into, a service level agreement (SLA)?
Have you ensured that the SLA details the work that will be undertaken?
Will you and the consultant ensure that the SLA is reviewed and remains 'fit for purpose'?
What are their charges?
How many firms does the consultant work for?
Do they have sufficient resources or might they be overstretched?
What are their back-up arrangements for holidays etc?
Have you reviewed their professional integrity, reputation, skills & competence?
Have you asked for a list of clients and taken references?
Have you compared them to any other consultants?
Do they/will they add value?
Has any regulated firm they have worked for ever been subject to any action by the FCA?
Does the consultant have Professional Indemnity Insurance & is it sufficient?
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If you have a query regarding Branko Ltd, the Services we provide or have a comment to make about this website please contact us in one of the following ways. We would really like to hear from you today.