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Accountants look to Bankhall for post-N2 services

More than 1,000 chartered accountants are set to use Bankhall&#39s compliance services or join up with its member firms after N2 to enable them to continue offering financial advice to clients.

Bankhall has just completed roadshows for the Institute of Chartered Accountants in England and Wales after being chosen as the sole provider of compliance support for the body&#39s new division, Chartered Accountants Independent Financial Services.

It is also offering training and competence support, research, improved terms with product providers and specialist software to CAIFS.

By the end of this month, CAIFS firms must decide whether they want to be regulated to provide financial advice by the FSA and outsource compliance to Bankhall or establish joint ventures with Bankhall members. Following the roadshows, 1,119 firms said they were interested in using one of the options offered by Bankhall.

The roadshows explained what accountants should expect from the FSA after November 30 if they become authorised compared with their current regime covering areas such as training and competence and required IT systems.

Bankhall is also being recommended to members of the Law Society of Scotland and is in discussion with the Law Society of England and Wales to build its professional connections after N2.

Bankhall director Tony Murrell says: “Due to the sheer number of firms involved, we are offering preferential terms related to turnover to ICAEW members. We have had phenomenal feedback so far from the overwhelming majority of those at the workshops.”

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