Frequently Asked Questions

FAQ

Whilst we try our best to be transparent, we understand that you will have questions.  Here are a few of the most common, but should you have others, please submit them below or contact us.

Contract

Do I have to sign up to a long contract?

We find that the majority of our clients have a good idea as to how much support they will need during the year, so the compliance support packages make more sense for them as this spreads the cost.  It is also worth bearing in mind that the support packages provide discounted rates for committing to a minimum 12-month contract.  Our services can also be provided on a pay as you go basis, with an ad-hoc time charged support contract, meaning you pay for the time you use.

If I sign up to a retainer, how long am I committed for?

Our retainer contracts are open-ended, with a minimum 12-month commitment. Once the first 12 months is up, the contract can be cancelled by giving us 3 months notice.

When will I have to pay?

All payments for monthly retainer clients are by standing order.  PAYG services are invoiced on completion of the work (for project work) or at the end of each month, with payment expected within 14 days.

What is the difference in the service I receive between retainer and PAYG?

There is no difference in the services we offer. The difference lies within the charging structures. Under a PAYG retainer, our hourly rate applies, and clients will be charged by the hour in increments of 15 minutes, for example, if you place a query with the helpdesk the time taken to answer this would be billed in increments of 15 minutes, therefore if the query took 30 minutes to answer, your invoice would show 30 minutes.

Consultants

Will I get a named consultant?

Yes. Once you commit to using b-compliant, a consultant will be allocated to you and will be your primary contact throughout our relationship. We believe that this provides a level of consistency as the consultant gets to know your business, meaning you don’t have to repeat yourself on each visit.  People do occasionally move on and should this be the case, you will be allocated a new consultant and a full handover would be completed.

What qualifications to your consultants have?

All our consultants hold the minimum of CII Diploma (QCF4), with some holding the prestigious Chartered designation. Our consultants hold various specialist qualifications such as pension transfers, advance mortgages, long term care, supervision and equity release. Should you decide to work with us, you will be provided with the CV to help fulfil your due diligence requirements.

How do I know that my consultant is keeping their knowledge up to date?

We are members of the APCC and attend regular meetings with them which often involve the FCA. All our consultants are PFS members and we would be happy to share our CPD records with you.

Support

What type of companies do you support?

From small consumer credit firms, right through to fund houses and everything in-between.  If you’re unsure if we’d support you, give us a call for a no obligation chat.

What can I expect from a b-compliant support day?

Whatever you need! A support day can be anything from a general chat around themes and trends in the industry (which will count towards your CPD) through to a full compliance health check, and everything in between.

What are your SLAs for file reviews?

We commit to completing pre-sale file reviews within 3 working days, and post-sale within 5 working days.

Can you help us with a full FCA Application?

Yes, we can help with all aspects of the application process, from a simple variation of permission to a full application.  Have a look at our Direct Authorisation page for more information.

Do you provide template documents?

Yes, we have a full suite of template documents all of which can be purchased separately, although our compliance support packages do include varying levels of access to these. For firms that prefer to have a compliance manual, this can be provided at additional cost.

I'm considering adopting discretionary permissions, can you help me?

Yes, we have experts in the discretionary sector and can help from application to ensuring you’re your documents like ICAAP, Pillar 3, RTS 28, remunerations code etc. are all in place.

I'm an adviser and CF10/SMF16, can I outsource my compliance function to b-compliant?

Whilst you can’t outsource your responsibility, you can outsource as much of the compliance work that you wish to. This could be day to day things like maintaining registers, reviewing and updating policies, collation of KPIs, Gabriel returns to more specialist areas like preparing you for changes in regulation, completing adviser 1-2-1s and other T&C activities or writing your PROD service and investment proposition document.

I am with one of the big compliance support firms, and really like some of their services, but need more hands-on support. Do I have to leave them to work with you?

No. We appreciate that these big companies provide firms with valuable discounts on software and research data and this is not our area of focus. Our service is hands-on providing the manpower and knowledge to help you achieve your compliance obligations, therefore we are happy to work with you alongside them.

Do you have a question that's not been answered? Submit yours below.

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