Investment Business (DPB) Compliance Review

The ICAEW’s DPB Handbook requires those firms with a DPB licence to monitor compliance with the regulations at least once a year (Certified firms would also be advised to carry out such reviews). This annual review needs to be evidenced in writing and the QAD annual return refers to this annual review, requiring specific information about it.

The review is designed to review the firm’s investment business procedures and provide a report, which meets the requirements for the annual investment business compliance review and may be used when completing the annual return without an additional compliance review being performed by the firm.

Specifically, this type of review includes:

• a review of invoices raised to identify potential investment business work;
• a review of commissions received to ensure correct disclosure and consent has been obtained;
• a check on compliance with the non-investment business and investment business Client Money Regulations;
• a check on compliance with the regulations relating to letterheads, brochures etc…
• a review of corporate finance advice;
• a review of powers of attorney and trusteeships;
• a review of internal procedures, training and CPD, if appropriate; and
• a review of any permitted third party arrangements (for those with a DPB licence).

Firms authorised by the Financial Conduct Authority (FCA) have to comply with a much more stringent regulatory regime which requires considerably more evidence of compliance. We can also undertake annual FCA compliance reviews, although these will take at least two days per office.
You will receive a full written report following your review setting out our findings, as well as any recommendations for improvements.

Why not combine your investment business compliance review with another review on the same day?
Whilst we are on site, we could combine your investment business compliance review with another compliance review on the same day.

This service is not available in the Republic of Ireland.