07581 246 844

Before appointing a compliance consultant

Although the FSA cannot recommend or promote the services of any particular compliance consultant, they have provided a number of questions and issues you might wish to consider prior to appointing MLX to assist your firm.

1. Experience and qualifications of the consultant

1.1Do they have the necessary experience to assist you and your type of firm?

Helen has been working in the financial services since 1996 and directly in compliance, training & development since 1997. Her specialist area is supporting small to medium size advisory firms with ‘hands on’ regulatory advice and guidance.

1.2What are their qualifications?

BA (Hons) / FPC / AFPC – G10 – Taxation & Trusts / JO4 – Retirement Planning Options / CeMap / Various Supervisor licensing courses / currently studying for Diploma status.

1.3What is their financial services experience?

Eleven years’ experience in financial services. Helen’s CV providing you with full details of her experience can be provided on request.

1.4What is their regulatory experience?

Familiar with and have worked under PIA, MCCB and the FSA regimes.

1.5How do they keep up to date with regulatory and product changes?

Continuous reviews of FSA and other legislative communications. A quarterly bulletin – “Compliance News” is produced for clients directing them to the issues that affect their business.

MLX Training & Compliance is part of an ‘association’ of other like-minded Compliance Consultants within the Yorkshire area. We have regular meetings in order to swap ideas and discuss/share regulatory information through our attendance at FSA training seminars and other trade body events. Various relevant websites such as ABI, BIBA, CML, & JMLSG etc. are reviewed on an on-going basis to identify any regulatory changes.

You can be assured that we have access to the necessary resources in order to provide high quality technical information and support. As we are a small business, with relatively low overheads, we can offer this service at a competitive price.

1.6Which associations or trade bodies are they members of?

APPC - Association of Professional Compliance Consultants (application currently being processed - September 2011).

2. Services provided by the consultant

2.1 What type and level of service do you need?

We provide tailored service packages to address client requirements. We will work with you to provide a bespoke service aimed at designing and implementing solutions.

2.2 Have you asked for, and will you enter into, a service level agreement (SLA)?

We insist on clients signing a service level agreement which clearly sets out what service clients are getting and to avoid any potential misunderstandings.

2.3 Have you ensured that the SLA details the work that will be undertaken?

The service contract, agreed before signing the SLA, details what work will be undertaken.

2.4 Will you and the consultant ensure that the SLA is reviewed and remains 'fit for purpose'?

At the beginning of each on-site visit the work to be completed is agreed. After the visit clients are provided with a progress report on actions completed and listing any outstanding items and who is responsible for them.

2.5 What are their charges?

This depends entirely on client requirements and circumstances but you will find all charges are sensible and realistic. We offer a flexible and competitive approach – and are happy to work on an hourly rate, flat fixed fee or monthly service contract. The choice is yours and is not linked to your turnover which means you can budget your compliance costs.

2.6 How many firms does the consultant work for?

This varies considerably, depending on client requirements, but we make sure that we have more than adequate time, resource and support to meet all client requirements.

2.7 Do they have sufficient resources or might they be overstretched?

We have sufficient resources to deal with any work we choose to accept and have access to other qualified and experienced consultants where required. As a small business we are able to offer a bespoke service with the focus on high quality provision.

2.8 What are their back-up arrangements for holidays, etc?

A formal locum agreement is in place with a highly qualified and experienced compliance consultant. Clear provisions are made with all clients to cover holiday periods.

3. References

3.1 Have you reviewed their professional integrity, reputation, skills and competence?

Please speak to any of our clients to assess this. We do not offer quick fix compliance solutions or false promises. Our aim is to support our clients and their drive to be successful, ensuring that all regulatory standards are met in a manner which enhances, rather than hinders the way in which they work.

3.2 Have you asked for a list of clients and taken references?

Provided on request.

3.3 Have you compared them to any other consultants?

The important thing is to find a consultancy that meets your personal needs and does not treat you as a number. Many firms offer online support, template documents and compliance manuals but in our experience, clients want more than this. They value the on-site visits and the chance to discuss and resolve issues face to face with compliance professional. We treat all our clients as individuals and try to meet their specific and individual needs.

3.4 Do they / will they - add value?

Please ask our clients. Ultimately you must be the judge of what we or any other firm offer. Because we are confident in our service we do not hold you to a long term contract. If you genuinely feel that you are not receiving value for money or are unhappy with any aspects of our service you can easily walk away.

Since engaging our services all our clients have remained with us which we think is a good indication of the level of trust and satisfaction clients have with MLX Training & Compliance.

3.5 Has any regulated firm they have worked for ever been subject to any action by the FSA?

No. However, we have experience of FSA thematic visits and have assisted firms to successfully complete follow-up remedial action.

3.6 Does the consultant have Professional Indemnity Insurance and is it sufficient?

Yes. MLX Training & Compliance Ltd holds PI Insurance with cover up to £500,000 in the aggregate. To date, we have never received a complaint and have never made a claim.

MLX Training & Compliance Ltd (MLX) was established in October 2010.