Regulatory changes drive increase in demand for Audit & Assurance services from FCA regulated businesses

Ryecroft Glenton (RG) is experiencing an increasing demand for its specialist services from FCA regulated clients.

The FCA is the conduct regulator for over 58,000 businesses including insurance brokers, independent financial advisers, fund managers and claims management companies.

Grahame Maughan, partner and Head of Audit & Assurance at the Newcastle-based firm said: “The past 12 months have been a highly exciting time for us, as we have seen a record demand for our services from our FCA regulated clients.”

“In a market of significant regulation it is important for FCA businesses and their advisers to keep up-to-date and compliant with new directives that have been imposed, such as the recently introduced Senior Managers and Certification Regime and the revised Client Asset Assurance Standard for the audit of client assets”.

“Falling foul of FCA requirements can lead to businesses incurring large punitive fines, disciplinary actions and reputational damage as the FCA comes down hard on any non-compliance”

RG’s work in the last year has included advising on FCA registration, changes in business structure, business disposals, business valuations and group restructuring for a number of FCA regulated clients.

The firm’s specialist team also advised several clients regarding their obligations under the FCA’s Client Assets Sourcebook (CASS), including providing CASS Assurance reports as required.

Maughan added, “Because we have experience of acting for a significant number of FCA regulated clients we are able to find solutions to common problems and advise on managing financial, operational and regulatory risk.”

“Our work in the past year demonstrates the success of our approach and we remain optimistic that demand will continue to increase.”

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