Quilter Cheviot has created a new tool to help staff of the Big Four accounting firms (Deloitte, KPMG, EY, and PwC) manage their investment portfolios.
In order to prevent conflicts of interest, the Financial Reporting Council Revised Ethical Standard 2019 mandated that employees of big accounting firms, as well as members of their close family, obtain consent before making any investments.
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As a result, there is now a larger need for risk management between wealth managers at these organisations and the individual clients they serve.
This service was launched as a result of Quilter Cheviot’s close collaboration with all four of the Big Four firms to comprehend and achieve the necessary levels of risk management and compliance since the introduction of the new standard.
In order to enable employees of Big Four businesses to have their investment portfolios examined every day for any violations of personal independence, Quilter Cheviot has established automatic data feeds wherever possible.
Likewise, Quilter Cheviot has constructed pre-approved investment portfolios for employees and their immediate families as a means to comply with personal independence guidelines, with the support of its in-house research team.
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By GlobalDataIn addition to learning more about the partnership structure, compensation, and tax implications so that Quilter Cheviot’s services can be adapted for each individual based on their circumstances, the investment management team at Quilter Cheviot has completed training with each of the Big Four to fully grasp personal independence procedures.
Nick Holmes, managing director, investment management at Quilter Cheviot, said: “For many years we have very successfully worked closely with partners and employees of the Big Four accountancy firms. However, revised rules around personal independence have made it critical that the foundations are strengthened and that accountants can trust our abilities to preserve their personal independence.
“We have diligently worked with each of the Big Four to tailor our services and processes to benefit their partners, senior members of management and immediate family members. We know one size does not fit all with personal independence procedures and Big Four firms, but we are confident for each we have built a compelling proposition to not only reduce their risk when investing, but also save them time in the reporting process.
“Compliance is arguably as important as performance for someone at a Big Four firm, and as such we are confident, we have built a service that will help deliver on both fronts.”
