Compliance Field Support from threesixty

“We have a number of senior ex-regulators – and their comprehensive industry knowledge allows us to take a pragmatic and flexible approach to compliance services." says threesixty Partner, Ross McArthur.

In this discussion, Ross explains how threesixty’s Compliance field based team has assisted firms over the past 12 months.

In this discussion, Ross McArthur, Director at threesixty, explains how threesixty’s Compliance field based team has assisted firms over the past 12 months.

What type of visits do the field based staff undertake?

threesixty do not carry out “tick box” compliance “audits”, we prefer to look at these as compliance risk assessments, both from a regulatory and commercial perspective. Our regular risk assessments cover client segmentation, service standards, business strategy, recruiting & training staff, complaints handling, promotion and business continuity.

Brian Smith, Managing Director of Valentine Smith Limited confirmed “as my business has evolved over recent years, the risk management controls I have in place, with threesixty’s assistance, provide valuable reassurance to me.”

What other benefits does this provide for threesixty clients?

The sheer depth of threesixty’s compliance related service is also recognised by our PI underwriters, with whom we enjoy a close working relationship.

Walter McCann, Compliance Manager at JM Taylor Limited suggests “the perception may be that good quality support costs money………..but the cost saving we made in terms of our PII premium alone, by utilising threesixty’s support service, paid for their service!”

What makes the service provided by threesixty different to other support groups?

This comprehensive support service is delivered by both our partners and senior staff, all of whom have unrivalled experience. We have a number of senior ex-regulators – and their comprehensive industry knowledge allows us to take a pragmatic and flexible approach to compliance services.

Charles Spence, Managing Director of Spence & Spence Limited commented: “threesixty’s “hands on” style of support has been invaluable to me over the last few years, whether dealing with corporate, operational or compliance type issues”.

What type of additional support do you provide?

We also react proactively to industry or regulatory changes such as Treating Customers Fairly, Pensions Simplification, RMAR and De-Polarisation; providing further added value for our clients by producing user friendly guidance notes. In the last year, the increasing claims culture within our marketplace, encouraged by third party claims handlers, has been an unwelcome additional burden for reputable IFAs.

However, Paul Angell, Director, Reid Scott & Ross Limited remarked “with the increasing plethora of compensation companies, it is good to know that the new business sales processes we have in place coupled with the robust complaint defences provided by threesixty allow us to provide a rigorous defence to these people.”