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Financial Services

Mike Ayres_320x238With all the changes that have impacted on the Financial Services sector in the last few years (Changing regulation, Brexit) it is almost a surprise that the sector has continued to grow, and some may say thrive, in the UK. However it should not, as the real asset the UK possesses is the people who work here, it is due to them that London has become so powerful as a financial centre and it is because of the network of firms and knowledge that the sector will continue to call the UK its home for years to come.

Though of course there will be continuing challenges, the ongoing negotiations over the exit from the EU will prevent an ongoing threat but also a potential opportunity for firms in the UK to do things a little differently. The way the UK is leading the charge in using technology to solve some of the financial systems problems is both a strength and also a threat to small businesses. As new ways of doing things emerge, time efficiencies and streamlined advice to their clients will become more difficult for a traditional firm to complete with. It is important that all firms in the sector get on board with these changes and embrace them to avoid getting left behind.

Mike Ayres – Financial Services Sector Specialist
+44 (0) 1252 894911

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Menzies Financial Services Expertise

Menzies works with clients across the sector including mortgage and insurance brokers; investment businesses; platforms offering P2P lending and crowdfunding solutions; Fintech business; and companies working with Crypto-assets. We have the knowledge that is required to help navigate the regulatory requirements including client money and GABRIEL requirements as well as the expertise to help understand the issues businesses face, suggesting innovative and #BrighterThinking solutions that help businesses to grow.

Insurance Brokers

financial services support for insurance brokersAt one end of the insurance market we have the rise of comparison sites offering cheap no frills cover at a price everyone wants to pay, at the other end Direct Line are advertising additional services but charging a premium. To achieve the right balance an organisation must be efficient and invest in its people.

We understand the needs of insurance brokers and the day to day issues that they face. We offer client money audit services to provide the requisite assurance to the FCA and can assist with the completion of the periodic RMAR submissions to GABRIEL as required.

However we offer more than just compliance services. We can provide consultancy to streamline processes & allow you to focus on growing the business and we can act as a sounding board for ideas you may have to move the business forward.

Fund Managers

financial services support for fund managersChanging regulation is both an opportunity and a threat for today’s fund managers. The strongest and best prepared are poised to benefit from a desire for a balance of increased rewards and lower risks, especially given the worldwide uncertainty in the performance of traditional markets.

Foremost in the minds of these businesses should be the servicing of their customers and providing a high level of service with strong returns. We want to ensure you have the time to do this. Completing the annual audit requirement is just the start of what we can do.

By understanding the regulation and the upcoming issues in the industry we can help with as little as the required submissions the FCA all the way through to providing full outsourcing and consultancy services, giving advice on structure, people retention and streamlining of processes, among others.

For more information about Menzies financial services expertise, contact Menzies Manager Mike Ayres by email mayres@menzies.co.uk or phone 01252 894911.


Useful Financial Services Links

More about Menzies Business Services sector expertise.

Download the Business Services Sector Brochure.


Audit and CASS requirements for the financial services sector

digital-tax2An FCA registration is a valuable thing: respectability, confidence and legitimisation come from having these three letters all over your business. However, it does come with its share of regulation. The primary legislation is the Financial Services and Markets Act 2000 (FSMA) but is also impacted upon by European directives, namely Markets in Financial Instruments Directive (MiFID) and the Capital Adequacy Directive (CAD).

The following is a brief attempt to untangle the requirements for audit and client money assurance under the FCA’s auspices.

Read our audit requirements guide for the financial services sector.

Also of interest:
The CASS Rules and how they may apply to you.
CASS – Client money rules and implications.
CASS – Statutory vs Non-Statutory Trust Bank Accounts
CASS – The Payment Services Directive
CASS 5 – Client money reconciliations for mortgage and general insurance firms
CASS 7 – Client money reconciliations for designated investment firms

Download our CASS Assurance services overview.

Business Services White Paper

Everyone Wants ‘More for More’

“In a world where routine services are increasingly being outsourced to low-cost providers, or being automated, service sector businesses need to adapt and look for ways to drive value across their organisation. To achieve growth, they must focus on quality while improving efficiency and investing in a people strategy”

The head of our Business Services sector, Martin Atkins, puts it well with the above quote. Please download our whitepaper, for free, to read how we see the change in consumer requirements could affect your business and what you can do about it.

Business Services sector white paper

Download our FREE Business Services white paper.

Menzies Business Services Sector Advice

We advise lawyers, barristers, accountants, marketing, advertising and recruitment practices, as well as sector-dependent clients. We work closely to find solutions to industry issues, utilising our expertise in everything from business strategy and corporate finance, to audit and tax advice.

To talk through the above or for more information about Menzies Business Services sector expertise, contact Menzies Head of Business Services Martin Atkins by email matkins@menzies.co.uk or phone on 020 8343 6408.

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