Are you concerned that your due diligence processes may not meet the requirements of the FCA?

Do you work with one or two preferred platforms or DFM’s but have little evidence of your research of the rest of the marketplace?

Are you confused by the FCA requirements when it comes to due diligence and independence?

Are you ignoring the problem and hoping it will go away?

Due Diligence

 

Evidencing due diligence is a key requirement to maintaining independence but it can be a time consuming and arduous process.

At Precision Paraplanning we have undertaken a number of due diligence projects and have found this to be an area in which a lot of firms require assistance and support, this is why we have launched our Platform & DFM Due Diligence Service.

What is good due diligence?

The FCA factsheet, Platforms: using fund supermarkets and wraps, offers excellent guidance on the process that all firms should undertake when considering which platforms to use within your business.

Some of the key points to consider are;

• Target market and client segmentation
• Your business model and what you want to offer your clients
• Financial strength
• Charges
• Product range
• Functionality
• Support services

“A good due diligence document is one where the firm has documented their thought process and highlighted the key criteria and justified their selection which matches their own objectives in achieving good customer outcomes.” The Platforum (PATs 5 tips on platform due diligence which makes the FCA happy)

Importantly in an ever changing market of providers, due diligence should be updated on a regular basis to evidence an ongoing review process.

 

Precision Paraplanning Platform & DFM Due Diligence service

 

Due Diligence Implementation Service

• Initial consultation to understand your firms criteria and preferences
• Comprehensive research using independent research tools
• Full due diligence report evidencing thought process, criteria and justification of selected providers

Quarterly Due Diligence Review Service

• Follow up consultation to determine if your firms criteria or preferences have changed
• Revisit research using independent research tools
• Due diligence review report

All due diligence projects are carried out on a fixed cost basis so that you can be sure of all costs from the outset. Contact us today to discuss your requirements.