19 June 2024
Quilter Cheviot is pleased to announce the launch of its new service to help employees of the Big Four accountancy firms (Deloitte, KPMG, EY and PwC) manage their investment portfolios.
The Financial Reporting Council Revised Ethical Standard 2019 increased the need for individuals working in large accountancy firms and their immediate family members to gain approval for their investments to avoid conflicts of interest. This has resulted in greater risk management being required between wealth managers and their individual clients who work at these firms.
Since the new standard was introduced, Quilter Cheviot has worked closely with each of the Big Four firms to understand and attain the appropriate levels of risk management and compliance, resulting in the launch of this service.
Where possible, Quilter Cheviot has built automated data feeds so that employees of Big Four firms can have their investment portfolios checked daily for any breaches of personal independence. Similarly, Quilter Cheviot, with the assistance of its dedicated in-house research team, has also built pre-cleared investment portfolios for those members of staff and their immediate family members to adhere to personal independence rules.
Quilter Cheviot’s investment management team have undertaken training with each of the Big Four to fully understand personal independence procedures, while also learning more about the partnership structure, remuneration and tax considerations so Quilter Cheviot’s services can be tailored for the individual depending on their circumstances.
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.”
