Frequently
Asked Questions
Frequently asked questions fall into three main groups:
1) What is the experience and qualifications of the consultant?
2) What services are provided by the consultant?
3) Are references available?
All the answers to these three groups are shown below
1) What is the experience and qualifications of the consultant?
Do they have the necessary experience to assist you and your type firm?
The Founders of IFACT who are still directors have been working in the compliance business since 1986. All consultants have a minimum of 10 years compliance experience before joining IFACT where further training develops their knowledge and skills.
What are their qualifications?
IFACT is a founding member of the Association of Professional Compliance Consultants, an organisation set up by the FSA. Most consultants are either Associates or Fellows of the Compliance Institute. They also have additional qualifications as appropriate for the consultancy tasks undertaken: ACA or FCA for financial matters, LLB for legal affairs, CEMAP for mortgages and FPC 1, 2 and 3 for IFAs etc.
What is their financial services experience?
Never less than 10 years and in many cases 20+
What is their regulatory experience?
IFACT has assisted firms who have been regulated by SIB, FIMBRA, PIA, LAUTRO, GISC, MCCB and FSA. IFACT pitched to become monitors for GISC and were short listed with Ernst & Young & PriceWaterhouse & Coopers.
How do they keep up to date with regulatory and product changes?
IFACT regulatory researchers keep all consultants updated weekly and the Head Office team responding to consultants questions. Each consultant will undertake individual study according to their own speciality. Regular team briefings allow directors and consultants to share information either as a firm or as individuals.
Which associations or trade bodies are they members of?
The Association of Professional Compliance Consultants. The Compliance Institute, Law Society Association of Chartered Accountants.
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2) What services are provided by the consultant?
What type and level of service do you need?
This question is for you to answer but please compare your required level of service with our list of services. If you are unsure as to how we can help, please contact us. If we can’t help we know a man that can.
Have you asked for, and will you enter into, a service level agreement (SLA)?
We will be delighted to enter into a SLA in addition to our standard Terms of Business.
Have you ensured that the SLA details the work that will be undertaken?
We are happy to work with you to identify the key tasks which you wish to outsource as well as the desired outcomes.
Will you and the consultant ensure that the SLA is reviewed and remains ‘fit for purpose’?
It is inevitable that as our consultants transfer knowledge and skills to your own team the SLAs will need constant reviews
What are their charges?
We will always agree the daily or hourly rate which will depend upon the amount of work undertaken and the level of knowledge and skills required.
How many firms does the consultant work for?
We have a long list of clients which range from product providers to motor manufacturers, banks, very large primary brokers, GIs and IFAS to include small partnerships and larger secondary intermediaries.
Do they have sufficient resources or might they be overstretched?
Each consultant is supported by a director so that there are always ‘four eyes’ on every client case to provide back up when required. In addition to our core team of consultants we have a database of freelance consultants to help out when we have large volumes of work, for example, mass assessment for T&C, file reviews or recruitment drives.
What are their back-up arrangements for holidays etc?
The above arrangement cover most eventualities but our core team are quite capable of covering for each other.
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3) Are references available?
Have you reviewed their professional integrity, reputation, skills and competence?
Please ask us any question you wish and we can guarantee an honest answer.
Have you asked for a list of clients and taken references?
Again references are available from a firm very similar to yours.
Have you compared them to any other consultants?
This must be for you to answer.
Do they add value?
We are proud to claim that our consultants will turn your compliance team into your best business facilitation team.
Has any regulated firm they have worked for ever been subject to any action by the FSA?
Blunt answer NO - nor any other regulator for that matter.
Does the consultant have Professional Indemnity Insurance and is it sufficient?
Another blunt answer YES.
{BACK TO TOP OF PAGE}
Frequently asked questions fall into three main groups:
1) What is the experience and qualifications of the consultant?
2) What services are provided by the consultant?
3) Are references available?
All the answers to these three groups are shown below
1) What is the experience and qualifications of the consultant?
Do they have the necessary experience to assist you and your type firm?
The Founders of IFACT who are still directors have been working in the compliance business since 1986. All consultants have a minimum of 10 years compliance experience before joining IFACT where further training develops their knowledge and skills.
What are their qualifications?
IFACT is a founding member of the Association of Professional Compliance Consultants, an organisation set up by the FSA. Most consultants are either Associates or Fellows of the Compliance Institute. They also have additional qualifications as appropriate for the consultancy tasks undertaken: ACA or FCA for financial matters, LLB for legal affairs, CEMAP for mortgages and FPC 1, 2 and 3 for IFAs etc.
What is their financial services experience?
Never less than 10 years and in many cases 20+
What is their regulatory experience?
IFACT has assisted firms who have been regulated by SIB, FIMBRA, PIA, LAUTRO, GISC, MCCB and FSA. IFACT pitched to become monitors for GISC and were short listed with Ernst & Young & PriceWaterhouse & Coopers.
How do they keep up to date with regulatory and product changes?
IFACT regulatory researchers keep all consultants updated weekly and the Head Office team responding to consultants questions. Each consultant will undertake individual study according to their own speciality. Regular team briefings allow directors and consultants to share information either as a firm or as individuals.
Which associations or trade bodies are they members of?
The Association of Professional Compliance Consultants. The Compliance Institute, Law Society Association of Chartered Accountants.
{BACK TO TOP OF PAGE}
2) What services are provided by the consultant?
What type and level of service do you need?
This question is for you to answer but please compare your required level of service with our list of services. If you are unsure as to how we can help, please contact us. If we can’t help we know a man that can.
Have you asked for, and will you enter into, a service level agreement (SLA)?
We will be delighted to enter into a SLA in addition to our standard Terms of Business.
Have you ensured that the SLA details the work that will be undertaken?
We are happy to work with you to identify the key tasks which you wish to outsource as well as the desired outcomes.
Will you and the consultant ensure that the SLA is reviewed and remains ‘fit for purpose’?
It is inevitable that as our consultants transfer knowledge and skills to your own team the SLAs will need constant reviews
What are their charges?
We will always agree the daily or hourly rate which will depend upon the amount of work undertaken and the level of knowledge and skills required.
How many firms does the consultant work for?
We have a long list of clients which range from product providers to motor manufacturers, banks, very large primary brokers, GIs and IFAS to include small partnerships and larger secondary intermediaries.
Do they have sufficient resources or might they be overstretched?
Each consultant is supported by a director so that there are always ‘four eyes’ on every client case to provide back up when required. In addition to our core team of consultants we have a database of freelance consultants to help out when we have large volumes of work, for example, mass assessment for T&C, file reviews or recruitment drives.
What are their back-up arrangements for holidays etc?
The above arrangement cover most eventualities but our core team are quite capable of covering for each other.
{BACK TO TOP OF PAGE}
3) Are references available?
Have you reviewed their professional integrity, reputation, skills and competence?
Please ask us any question you wish and we can guarantee an honest answer.
Have you asked for a list of clients and taken references?
Again references are available from a firm very similar to yours.
Have you compared them to any other consultants?
This must be for you to answer.
Do they add value?
We are proud to claim that our consultants will turn your compliance team into your best business facilitation team.
Has any regulated firm they have worked for ever been subject to any action by the FSA?
Blunt answer NO - nor any other regulator for that matter.
Does the consultant have Professional Indemnity Insurance and is it sufficient?
Another blunt answer YES.
{BACK TO TOP OF PAGE}
