Retail Stockbroking And Wealth Management
We have extensive experience of working with retail stockbrokers and firms providing wealth management services.
The retail stockbroking sector has divided into firms which focus on retail client investment management, handling discretionary and advisory portfolios, where the conduct of business requirements are at their highest, and those which provide execution only services and trading platforms. We assist firms across the spectrum with their differing requirements.
Our retail broking clients must comply with extensive conduct of business requirements, at their most stringent where discretionary management is involved, we can assist with the interpretation and practical application of these complex requirements and with monitoring on-going compliance. Getting the paperwork right is an essential part of compliance. We have considerable experience in relation to client documentation requirements and can assist firms in the development of documentation appropriate to their service offerings.
We can assist with compliance reviews ranging from assessments of a firm's systems and controls, to its corporate governance arrangements and to reviews of past business as well as conducting mock ARROW visits. We also assist with more general preparation for FSA visits, whether they are routine ARROW visits or thematic reviews. Further work we can undertake includes the preparation, updating and checking of compliance documentation, including compliance manuals, procedures and monitoring programmes.
Major project work undertaken includes Skilled Persons work in relation to suitability of discretionary management services, the Retail Distribution Review and the FSA's Treating Customers Fairly initiative. We have also assisted firms in reviewing their transaction reporting arrangements and ensuring that they are meeting their transaction reporting obligations to the FSA.
In addition to the above we have extensive experience in assisting firms with the regulatory issues that arise from changing their business, such as consolidations or restructures, or transfers of acquisitions of business lines and teams.
We provide a full compliance support service for a number of firms in this sector so that they are able to focus on their core business whilst knowing that we will alert them to any relevant regulatory changes and are available to deal with day to day compliance issues. We work in partnership with such firms so that they set the culture and drive the direction of compliance and we advise and assist in implementing their plans.
Bovill is an Associate Member of the Association of Private Client Investment Managers and Stockbrokers ("APCIMS").