The Past Business Review (PBR) or back-book review has developed into a discipline of its own since its beginnings in the industry wide pension review during the mid to late 90’s.

It’s an often used approach for forensic purposes or to address known issues, used by the FCA or by firms themselves, either in reaction to internal compliance monitoring, regulatory visits or under Section 166 powers.

A PBR involves opening up client files, using a well-tested and intelligent methodology to focus the work, avoid scope creep, and minimise the chance of drawing incorrect conclusions about the state of the business as a whole.

We use a tried and tested statistical sampling methodology that enables us to balance minimal population sample sizes with maximum confidence in the extrapolation of results.

We’ve been asked to undertake reviews for a wide range of business types and as such we have in place well developed methodologies and Quality Assurance procedures to ensure accuracy for, amongst other things:

  • retail investment products such as vehicles used to repay interest only mortgages, investment bonds and ISAs
  • pension switching and transfers out of DB pension schemes
  • “higher risk” products such as structured products, UCIS, SIPPs, EIS, VCTs and offshore investment bonds
  • suitability assessments of discretionary and advisory wealth management accounts for all types of client.

For large scale reviews we’re able to augment our internal resources with hand-picked external contractors – each of whom are all fully vetted and experienced.

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