Vanneck Ltd

B-Compliant’s collaborative approach to compliance is working perfectly for discretionary fund managers, Vanneck.

A good fit

Even when you don’t have retail customers to worry about, the regulations imposed by the FCA are big ask.

Before meeting B-Compliant, London-based DFM, Vanneck, was managing its compliance in-house, with high-level external support. Operations manager, Jessica Woollaston, said: “With regulations increasing and the MIFID transition looming, we wanted to have a complete audit of our compliance systems.

“We were introduced to B-Compliant in 2020 and it immediately felt like a good fit. We were after three things; deep expertise in compliance, transparent pricing and nice people to deal with.”

Guiding hands

To begin with, Vanneck underwent a B-Compliant health check audit. It found the firm had an extensive compliance monitoring programme, but it was unwieldy, so we re-wrote a slimmed down, more tailored version.

We also helped them write and update their policies and procedures and identify what they needed to do to meet MIFIDPRU, when these regulations were imposed in 2021.

Once everything was in place, Vanneck was in a position to manage day-to-day compliance and our support now focuses on regulatory changes and the introduction of new legislation.

We carry out an annual audit to highlight areas that need updating and provide ad hoc assistance through our support desk when queries arise.

Jessica continued: Working with B-Compliant is great – nothing is too much trouble. If we have any queries about our own compliance requirements or the regulatory landscape, we simply drop them an email. Replies are always timely and relate specifically to our operations.”

B-Compliant director, Vicky Pearce, is Vanneck’s main contact. She added: “Thanks to their professional client base, the level of compliance imposed on pure DFMs is not as stringent as those in the retail sector face, so after an initial flurry of activity, we simply keep an eye on Vanneck and flag up any changes.

“When the firm launched its latest fund, we were delighted to hear it passed the Authorised Corporate Director due diligence process with flying colours!”

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