Given the far reaching scope of the regime, JM Finn are undertaking a holistic approach to people, process and regulatory management. This means unifying several systems including HR, training and advice systems. The result will enable a single view of all compliance activity across regulated and non-regulated business functions.
Redland’s Senior Managers Regime (SMR), Training & Competence (T&C) and Certification software will form the basis of the solution. It will be deployed to over 300 JM Finn staff who will be subject to the Conduct rules.
Redland’s software will also integrate Performance Appraisals, Conduct Rules training and deliver a single ‘Accountability’ solution for the whole business.
Firms need to address the risks within their existing processes for assessing Competence, which potentially leave them exposed to non–compliance once Accountability comes into force. To address this concern T&C management and evidencing will be the first phase of the JM Finn implementation.
Steven Sussman, Chief Executive, JM Finn commented; ‘The SM&CR regimes will impact most aspects of our business. Our strategic approach will deliver numerous operational benefits and help protect our business, our staff and ultimately, our clients.
After conducting a thorough market assessment of software vendors, we chose Redland for their proven software and their regulatory expertise’.
Gary Muchmore. Chief Executive, Redland, commented: ‘We’re thrilled to be working with JM Finn on their strategic approach to the extension of Individual Accountability. They join a growing list of blue-chip clients, including 5 FTSE 100 listed companies, that have chosen our compliance solutions.
Last week, the FCA and PRA issued the timetable and near final rules for the extension of SM&CR. It’s clear to us that firms need to start the planning and implementation as soon as possible’.
About JM Finn
JM Finn is a wealth management firm that seeks to provide a personalised approach to investment and wealth management for today’s private investors and their advisers, by placing a dedicated investment manager as the central point of contact for all clients.
With over 100 investment professionals, JM Finn have funds under management and administration of £9.3 billion on behalf of over 15,000 clients (as at June 30th 2018). The firm is headquartered in London and has four regional offices around the country in Bristol, Leeds, East Anglia and Cardiff.
JM Finn is authorised and regulated by the Financial Conduct Authority (FCA).
Trusted by some of the biggest names in financial services, our award winning Accountability and Compliance software is relied upon to enable all relevant regulatory requirements to be met; helping organisations raise standards and protecting them, and their staff, against non-compliance and regulatory fines.
Our blue-chip clients are advocates and a testimony to our delivery track record and the benefits and protection our software delivers. Clients are able to tap into our expertise and learning from previous large-scale implementations, to help them achieve a solution that meets their specific business requirements and operating model.
By Redland from Redland Business Solutions
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