View more on these topics

Compliance tip – Phil Young: Unused knowledge is a dangerous thing


It would be entirely self-serving to suggest that investing in an external compliance review is a very good idea so instead I suggest that if you do pay for a report, you really need to make use of the results.

Your consultant should construct a set of actions for you to implement within your business to reduce risk. These may be beyond the basic FCA requirements and there is nothing wrong with challenging assumptions or inaccuracies and agreeing priorities to establish the difference between areas you must address immediately and areas for improvement.

However, once you have been made aware of any shortfalls, it is imperative you do something about them. This could mean working through them in a board meeting, deciding the order for tackling them or discussing which ones you do not believe are relevant for your firm (ideally, in conjunction with your consultant).

One of the more common and least excusable failings is knowing what your problems are and not doing anything about them. It is something the FCA will pick up on quickly and if you have paid for a report, it makes no financial sense not to use it.

Phil Young is managing director at threesixty services



Paul Kennedy: Little boxes of pension planning

The Sixties song Little Boxes is a political satire about the development of suburbia and associated middle-class conformity. It refers to suburban swathe housing as “little boxes” of different colours “all made out of ticky-tacky”, and which “all look just the same”. I wonder if the writer would have viewed our defined contribution retirement regime […]


HMRC confirms interim Budget reform rules

Savers who take their tax-free lump sum before next April have been given longer to decide what they will do with the rest of their pension pot. The Budget reforms which allow savers to take their entire pension pot as cash once they reach 55 come into effect in April 2015. Currently, once somebody takes […]


Brokers warn FCA off restricting SVR changes

Brokers have warned the FCA not to restrict the ability of lenders to change standard variable rates despite controversy over several firms doing so in the past few years. Last week, the regulator published a discussion paper, called Fairness of Changes to Mortgage Contracts, asking consumers for feedback on their experience of changes to the […]

Doug Tucker

Development Focus/Doug Tucker: Unlocking doors with effective communication

In the financial services sector, effective communication will be the difference between closing a deal and not. Well-practised, effective communications can consistently unlock opportunities to success, helping you to not only boost your sales but enhance the financial benefits you bring to your clients. To arrive at this point of “effective communication” we need to take a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment