MacIntosh James and Partners

From supporting cast to starring role: Our hands-on approach to compliance support saved the day for wealth managers, MacIntosh James.

Stepping up

B-Compliant has worked with wealth managers, MacIntosh James and Partners, since 2021.

To begin, our role was to support the firm’s part-time compliance and HR manager, undertaking tasks such as updating policies and procedures, reviewing files and carrying out training and competence.

However, in July 2023, just as Consumer Duty was implemented, MacIntosh James’ compliance manager resigned. As the firm is not large enough to warrant a fulltime officer, it quickly became apparent that it was going to be difficult to recruit a replacement, who was skilled enough to pick up where the outgoing incumbent left off.

MacIntosh James approached us to see if we had the capacity and willingness to take on the duties of its compliance manager. The objective was to establish continuity in ongoing requirements and ensure the firm’s Consumer Duty and regulatory obligations were met, without additional burden to SMF officer and director, Simon James.

A list of tasks was put together, all of which we were happy to fulfil through an increase in contracted hours. Our aim was to become an integral part of the firm’s team by getting to know its advisers better and gaining a deeper understanding of its daily routines.

The value of teamwork

As MacIntosh James’ lead contact, our director, Vicky Pearce, has significantly increased her involvement in the firm’s day-to-day activities.

She looked at where the firm can improve and has implemented the necessary changes. An enhanced compliance monitoring plan is now in place, which is reviewed monthly. Actions are then approved with Mr James and we complete the work.

We visit MacIntosh James’ Leeds office at least quarterly – more frequently if required – and spend approximately two days a month working with its team remotely. Plus, we are always available to answer questions that arise and provide practical guidance.

In the spirit of ‘not marking your own homework’ Vicky delegates most tasks to our consultants, so she can review the work and retain overall control of the contract. This means there are a number of us who are familiar with the firm, so there is no downtime due to holidays or absence and none of the financial burdens associated with employing another member of staff.

Simon James said: “B-Compliant’s grown-up attitude to consultancy transformed what could have been a very difficult period for us. The arrangement works because Vicky and her team are highly qualified and extremely good at tailoring what they do to your business. We never wanted the one-size-fits-all approach offered by industry leaders and in B-Compliant we have found advisers we can trust to look after our best interests.”

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