Regulation is not the only matter which keeps business owners awake at night, according to Linda Todd, head of operations at Bankhall.
During 2014, Ms Todd said Bankhall launched a range of additional services and compliance support that firms can now access, putting the business on course for expansion over the next year.
These moves come as another part of the Sesame Bankhall Group came under fire from the regulator.
In October Sesame was fined almost £1.6m by the Financial Conduct Authority after it was found to have set up a ‘pay to play’ scheme under its ‘restricted’ advice panel option, with provider position having been influenced by services ‘bought’ from the network.
Ms Todd said at Bankhall firms now have access to a data management solution that helps them meet with regulatory requirements, support record keeping and meet the Data Protection Act.
Working in partnership with a professional indemnity provider, Ms Todd said Bankhall also now offers firms access to an exclusive professional indemnity insurance facility that “directly recognises the positive impact of Bankhall’s compliance support together with additional services on minimising and mitigating risk.”
She said that to help deliver a better service to our customers, the firm conducts a factfinding process, reviewing existing procedures, new business records and any previous reports.
“After initial meetings we produce a proposal document detailing a tailored business and compliance solution to meet the firm’s business and compliance needs in line with their size, scope and risk appetite.
“This new approach – which includes tailored solutions for sole traders, nationals and banks – has helped Bankhall’s membership increase during 2014.”
Bankhall currently supports around 1,700 directly authorised firms.
Ms Todd said that next year the firm expects operations to grow further as it fulfils a commitment to make additional services available to firms.
“It is clear from our conversations with advisers that the challenge of moving from transaction-based sales to a relationship model requires a considerable change in mind-set.
“In 2015, we will therefore expand our support programme further with the launch of a series of practical events in conjunction with the Phil Billingham Partnership. This will give firms the practical tools they need to build profitable and sustainable businesses to ensure they are ready for the challenges ahead.
She added: “The initial sessions, which will be run across the UK, will focus on how business models are evolving in light of factors such as independent and restricted advice, corporate structures, increasing profitability and stability.”
emma.hughes@ft.com
