financial eye brochure

Are you complying with theSRA Regulations on COFA?

Risk management and compliance can be time-consuming and can distractyou from your day-to-day activities. Financial Eye can take the pressure offyou and provide peace of mind that you are meeting all of your COFA/HOFA

Regulatory obligations and more…

www.financialeye.net | [email protected] | Optimising best practice and performance...

2 Financial Eye | Information Brochure Copyright © Financial Eye

SECTION INFORMATION:

About Financial Eye

Why outsource compliance?

Questions for the COFA

Services we offer

Services we offer (continued)

Catering for every budget

The Financial Eye team

The Financial Eye team (continued)

Customer case studies

Customer case studies (continued)

Existing customer testimonials

Existing customer testimonials (continued)

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BROCHURE CONTENTS...


ABOUT FINANCIAL EYE...


Financial Eye was formed in 2013 to meet the challenges faced by COFAs in relation to the SRA

Regulations.

It is an official compliance Partner of Legal Eye.

Financial Eye works with firm’s all over the country to provide support to Compliance Officers

ensuring adherence to Outcome Focussed Regulation, Code of Conduct and specifically the SRA

Accounts Rules 2011 and protecting Client Money.

Our services include COFA plus which incorporates all of the recording and reporting elements of

the SRA Accounts Rules, but will also assist you to ensure the effective financial management of

your firm. COFA plus is designed to compliment the existing suite of services currently provided

by Legal Eye.

Trust the experience of Financial Eye for better financial and risk management:

Like Legal Eye, we pride ourselves in our personal approach to compliance and risk

management.

the role of a COFA explained

recording and reporting requirements

the COFA’s contribution to Principle 8

COFA plus-Compliance and improvement through knowledge


WHY OUTSOURCE COMPLIANCE?


Compliance can be time consuming and can distract you from your day to day activities. Financial

Eye can take the pressure off you and provide peace of mind that you are fulfilling all of your

regulatory obligations including those relating to the SRA Accounts Rules 2011.

Many Firms believe that by keeping compliance in-house they will benefit from greater control

and reduced costs. However for many Firms this is a mistaken perception as experience has

shown that where the COFA is also a fee earner, they are reducing their fee earning capacity by

having to concentrate on their regulatory obligations.

By committing to outsourcing compliance, they take more of an overseeing role (whilst not

abdicating responsibility), thus increasing the percentage of time that they can commit to earning

fees.

Most importantly, we are completely hands-on and will set-up, document and regularly update

all of the elements of your Compliance plan, including Risk Index, rather than leaving you with a

set of forms to complete.

Can you afford not to outsource compliance?


QUESTIONS FOR THE COFA...


Does your COFA have access to the integrated financial model which you use to

measure and stress-test your business for financial viability??

Does your COFA Compliance Plan incorporate a Risk Index and control checklist

incorporating all the latest risk concerns of the SRA??

Has your COFA implemented a programme to combat the threat of cyber-crime and

considered all of the insurance options to protect the firm in the event of cyber-attack??

Do you have enough cash available to pay for the excesses under your PI policy and

do you know the current rating of your PI Insurer??

When did you last review the appropriateness of your structure? For example have you

considered forming an ABS or an MDP as part of your succession or exit planning??

When did you last review your Interest Policy and your Mixed Payments Policy??

Will you or your COFA struggle to answer some of these questions? If so, contact Financial Eye

TODAY…

Thank you for taking the time to download our brochure. Below you will find several questions to

ask your COFA:


SERVICES WE OFFER...


Please find below a list of the services that we offer. If you cannot see a service that you require,

then please click here to contact us to see if we can help.

Our COFA Plus Service

COFA plus provides support and guidance to COFAs in the following areas:

Defining the role of the COFA in the face of ever changing SRA regulation3

Development of a COFA specific compliance plan and an SRA compliant COFA Risk Index3

Implementation of SRA compliant COFA matter file review program3

Recording and Reporting requirements of the COFA3

In addition to all the above, Financial Eye is able to:

Advise on the personal liability for an approved role3

Provide telephone and email support and guidance on all COFA related SRA matters3

Our COFA Sure Service

Designed specifically for the Sole Practitioner, this package covers support and guidance in the

same way as COFA Plus, but at a reduced cost and with fewer Office visits.


SERVICES WE OFFER (continued)...


Our COFA Review Service

COFA day review incorporating entity summary, entity evaluation3

Discussion re financial performance – Principle 83

COFA risk register3

Our Other Services

Advice on a specific Compliance or SRA Accounts Rules issue3

Reports on Interventions3

Additional site visits for COFA Matter File Reviews3

Sole Practitioner applications3

Delivery of bespoke Integrated Financial Models3

ABS applications3

CLC conversions3


CATERING FOR EVERY BUDGET...


Professional, highly skilled and reliable:

Financial Eye provides practical and straightforward advice in easy to understand terms giving

firms simplicity in a complicated regulatory arena.

We pride ourselves in our personal approach to compliance and risk management. Our friendly,

experienced team will help you understand the regulations and adapt your processes and

procedures.

Initial Consultation:

We would like to offer you a free no obligationinitial consultation in complete confidence so we

can ascertain your particular requirements. This will allow us to tailor a suitable solution which will

be of assistance to the Firm’s COFA.Simply contact one of the Financial Eye Team for further details.

Catering for every budget:

We have listened to the needs of firms who are a similar sized practice to yourselves and we can

operate to a range of budgets depending on your compliance requirements

Monthly, quarterly and yearly payment plans are all available and we can discuss with you which

suits you best.

As part of all packages we offer a helpline, free of charge, operating from 9am to 5.30pm Monday

to Friday.


THE FINANCIAL EYE TEAM...


Nigel is an experienced Finance Director who qualified in 1994 and has

held senior Finance positions for the last 20 years in a range of

businesses and sectors. At Ovivo (part of a TSX listed company) he was

Global Finance Director and carried responsibility for Bill 198 (SOX)

compliance for 14 world-wide entities. He has also worked with AIM

listed companies and start-ups. He has an in-depth knowledge of SRA

compliance matters and the SRA Accounts Rules.

Nigel Wilson FCCA | T: 020 3126 6886 / 07730 500272 | E: [email protected]

David is an advisor to a number of companies and prior to joining

Financial Eye, David was CEO of FCA regulated insurer, First Title

Insurance plc. David set up the UK operation and grew it into an

international business turning over £70M providing a mixture of services

to Law firms, Conveyancers and Mortgage Lenders. David remains as a

Non-Executive Director of First Title Limited.

David Thorpe | T: 020 3126 6885 / 07879 640123 | E: [email protected]

John is a registered Chartered Banker with over 30 years experience in

the Retail Banking & Insurance Sectors and joins Financial Eye after 14

years with Legal & General. He has extensive knowledge of Project

Management and is a current PRINCE2 Practitioner. He has a great deal

of experience in the areas of Financial Risk, Business Management, Anti

Money Laundering and Conveyancing.

John Graham MCIOBS | T: 07595 377748 | E: [email protected]


THE FINANCIAL EYE TEAM (continued)...

Financial Eye | Information Brochure Copyright © Financial Eye

an is an experienced Finance Director having qualified with KPMG in

1990. He has worked in senior Finance positions in industry and

commerce for over 20 years for businesses across a range of sectors,

from owner manged to publicly quoted.

As Finance Director in charge of the EMEA and Asia Pacific regions of a

Canadian owned Publicly Listed Company he was responsible for

Ian Richards FCA | T: 07767 472550 | E: [email protected]

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introducing, rolling out and subsequent monitoring of the processes and procedures for Bill 198

(SOX) compliance across 10 entities worldwide.

Ian is approachable, adaptable, pragmatic and down to earth

Steve joins Financial Eye after fifteen years’ experience in law firm

management and is a former COFA approved by the SRA. He has

worked in both the public and private sectors and has a broad

experience of business and financial management.

Steve is familiar with law firm compliance, the SRA Handbook and the

requirements of Outcome Focused Regulation and the required

Steve Wood | T: 07800 666 925 | E: [email protected]

Indicative Behaviours. He has managed solicitor’s accounts and has extensive financial planning

and compliance experience. He has been a first resource for advice on money laundering issues

and is conversant with conveyancing practices and other law firm accredited requirements.

With this background Steve hopes he will be able to assist in enhancing your firm’s financial

compliance to compliment other good practice procedures.


CUSTOMER CASE STUDIES...


Case Study One

Financial Eye was contacted by the Finance Director of a medium sized firm who was being

asked by the Managing Partner to take on the role of the COFA. The Finance Director was

concerned that she did not fully understand the role of the COFA and what responsibilities and

obligations it entailed. Financial Eye began work designing and implementing a COFA compliance

plan including a COFA matter file review programme.

Since then the SRA has been in touch with the firm to consider putting them into regulatory

management but were satisfied with the work undertaken by Financial Eye to deem this

unnecessary. Financial Eye continue to work with the firm and are constantly assisting the firm in

assessing risk and staying onside with the Regulator.

Case Study Two

Financial Eye had been recommended to a small firm by Legal Eye who were already working

with the firm’s COLP. The firm was in the process of changing its accountants and book keeper

and was concerned that it had never really implemented any type of COFA risk management plan

other than having a register of breaches. Financial Eye was immediately able to recommend a

firm of accountants and introduce them to a firm specialising in outsourced book-keeping

services for solicitors.

Financial Eye then set about developing a comprehensive COFA compliance plan tailor made for

a firm of this size. The plan included a COFA matter file review programme to be undertaken by

Financial Eye, a risk register and a fully integrated financial model that allowed them to prepare

budgets and cash-flow forecasts in accordance with SRA requirements. The firm is now in the

process of replacing its bankers and developing an exit strategy for the senior partner and

Financial Eye has been there to advise them all the way.


CUSTOMER CASE STUDIES (continued)...


Case Study Three

A firm contacted Financial Eye and Legal Eye as they were looking to set up an Alternative

Business Structure (ABS) with a firm of accountants. They recognised that they needed a fully

SRA compliant compliance plan as part of their ABS application. Financial Eye designed and

developed the COFA element of the plan including bespoke risk registers, COFA checklists and a

suitable COFA matter file review programme.

The application for the ABS was approved by the SRA and Financial Eye continues to provide

ongoing support including quarterly site visits to update all the work undertaken to date and to

carry out COFA matter file reviews.


EXISTING CUSTOMER TESTIMONIALS...


“We were introduced to Financial Eye by Legal Eye with whom we were exploring a change in

Compliance Partner. We were impressed with their breadth of knowledge and experience in

the sector. Since our agreement began, Financial Eye have quickly demonstrated that their

proactive hands-on approach leaves us free to fee-earn, look after our clients and deliver on

our business goals, secure in the knowledge that we have a compliance framework in place

and experts on hand to advise when needed.”

MPG Legal, Manchester

“We have always taken compliance seriously and it is refreshing to work with a company that

fully engages with us and is always available to seek practical solutions to our requirements.”

AMS Solicitors, Preston

“As a new COFA, I wanted the reassurance, guidance and support in my role. Financial Eye

have given me all of the above in an easy to understand manner with no jargon. Why use

anyone else?”

Kidd Rappinet, Maidenhead


EXISTING CUSTOMER TESTIMONIALS (continued)...


“As a new sole practitioner I have found the assistance provided by Financial Eye in my

application and set up to be perfectly suited to my compliance needs.”

Fairview Solicitors, London

“Introducing a COFA matter file program has been invaluable and has demonstrated how

simple it has been to become more efficient and profitable.”

Himsworths, Southend-on-Sea

“The Team from Financial Eye make an invaluable difference to our business. They deliver

solutions that are of real value and are highly cost effective. They understand our business and

keep us compliant without the need for getting buried in paperwork”

Bryan & Mercer Solicitors, St Albans

A: Financial Eye, Hilden Park House,79 Tonbridge Road, Hildenborough, TN11 9BH

E: [email protected]

T: 020 3126 6884

www.financialeye.net

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