Quilter Cheviot has launched a service to help employees of the Big Four accountancy firms manage their investment portfolios.
Owing to the Financial Reporting Council Revised Ethical Standard 2019, workers at Deloitte, KPMG, EY and PwC face an increased need to gain approval for their investments to avoid conflicts of interest.
Quilter Cheviot said this has resulted in greater risk management being required between wealth managers and clients who work at these firms.
Since the new standard was introduced, the wealth manager has worked closely with the Big Four firms to understand and attain the appropriate levels of risk management and compliance, resulting in the launch of this service.
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Where possible, Quilter Cheviot has built automated data feeds so that employees these firms can have their investment portfolios checked daily for any breaches of personal independence.
The wealth manager has also built ‘pre-cleared’ investment portfolios for those members of staff and their immediate family members to adhere to personal independence rules.
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.
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“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,” he continued.
“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.”
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