Financial diligence and insolvency
Why is financial due diligence an entirely necessary evil for advisers, and what are the consequences of getting it wrong?
High profile failures amongst SIPP and platform providers, the discovery that once a platform or DFM goes into administration your client’s assets aren’t as safe as once thought, and the implications of big advice scandals for PI costs and FSCS levies, have thrown this question into sharp relief.
Matt Ward from AKG will tell us how they assess financial strength, what non-financial factors they consider and the practical problems advice firms face when it goes wrong. This covers providers, platforms and DFMs.
Mark Getliffe, Senior Director at CLB Coopers, is an insolvency practitioner with more experience than most handling insolvency proceedings for FCA regulated businesses. He will explain the options available to firms when they are unable to meet their liabilities, and use his experience to explain how the process is managed and where the FCA need to be involved.
This is an interactive round table hosted by Phil Young, with presentations from both Matt and Mark to prompt debate. From this you should be able to understand, amongst other things:
What’s involved in assessing financial strength? What can go wrong?
- What options are open to business owners when unable to meet their liabilities?
- What are the FCA’s concerns? How does ‘phoenixing’ happen?
- How do you equip yourself against claims management companies?
This session will be of particular appeal to:
- Compliance, paraplanning and research personnel
- Business owners and anyone looking to acquire or sell off distressed businesses
- Advisers with business owner clients who may need assistance in this area