The Financial Services sector has been through a torrid time in 2016, the impact of landmark (and somewhat unexpected) votes on both sides of the pond have led to huge swings in the financial markets and the devaluing of sterling.
Though it appears initial speculation that the big names in the sector would be leaving the UK in droves, reality has seen a sector still keen on residing here, encouraged by a strong workforce and low taxes.
The sector is characterised by dual powerful regulators in the FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) who genuinely appear to be looking to improve the regulation landscape, though not always successfully. However regulation is here to stay and can be a minefield to navigate without the right guidance.
Menzies Financial Services Expertise
We advise companies throughout the Financial Services sector, including insurance brokers and fund managers, working closely with you to understand your business. We utilise our knowledge, experience and understanding of the sector to provide recommendations in all areas; from business strategy and corporate finance, to audit and tax advice, and everything in between.
Whilst we are comfortable talking about all areas of the Financial Services spectrum, there are two areas we have particular expertise.
At 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.
Changing 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.
Useful Financial Services Links
Audit and CASS requirements for the financial services sector
An 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.
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.
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 firstname.lastname@example.org or phone on 020 8343 6408.