Is your firm authorised to conduct investment business activities under the Investment Intermediaries Act? Are you struggling to get to grips with the required compliance? Have you got a Compliance Manual with pro-forma forms you can use to make life a little easier? Do you need an external file review or an investment business compliance review?

OmniPro Practice Support provides a variety of products which will meet all of your firm’s IB needs ranging from a user friendly procedures manual with lots of guidance to a full and challenging investment business review. Some of the services & products we provide include:-

Investment Business Procedures Manual

Our Investment Business Procedures Manual can be purchased in two ways:-

  1. A standalone version of the manual combined with 1 hour Online CPD or;
  2. The manual as an add-on to the Accountants Resource Centre, if your firm is already a member. This includes the manual and 1 hour of Online CPD.

Off Site Cold File Reviews

If you want to ensure that your procedures appear to be correct based on the information contained within a file, we can carry out an off-site cold file review to check that the documentation in your file meets regulatory requirements, and provide an action plan if required.

Staff Training

We will provide an IB Training day for partners and staff consisting of:

  • Individual one to one training for the IB compliance manager/partner review procedures, files and the IBCR documentation (Half day); and
  • Training for all other members of staff on legislation, relevant regulations, and the firms internal procedures (Half day).

Grandfathering Advice

We can provide advice to those individuals and/or firms who have relied on the ‘Grandfathering’ process to meet Minimum Competency Requirements. Reviews can be carried out of the individuals evidence of experience relied upon to avail of the quasi-qualification. (usually carried out off site)

Investment Business Compliance Reviews (IBCR)

Depending on your firm’s requirements you may choose from 2 Compliance Review options –

  • Compliance Review Light
  • Full Compliance Review

Details of each product are outlined below:-

1. IBCR Light

A basic review which will cover:

  • whole firm investment business issues e.g. CPD, procedures manual, etc; and
  • Carry out a review of 3 files chosen by the firm.

It will provide:

  • A 1 hour closing meeting with the partners to review any findings and discuss recommendations;
  • A documented IBCR form for your files; and
  • An Action Plan should remedial action be required

2. Full IBCR

A challenging and robust review which will cover:

  • Whole firm investment business issues eg CPD, procedures manual, etc;
  • Be conducted with an approach which is similar to an Institute monitoring visit; and
  • Review 6 files which are chosen by the reviewer from the client listing.

It will provide:

  • A 1 hour closing meeting with the partners to review any findings and discuss recommendations;
  • A documented IBCR form for your files;
  • An Action Plan should remedial action be required; and
  • An IB Health check which provides a measure of performance against Institute Regulations.