Embracing Excellence

British Standard for our Compliance Framework

By 7th September 2018 No Comments

Introduction

The concept of boosst was designed with the benefit of blank-page thinking. This meant that we could make every decision with a focus on; “What will generate the best outcome for clients?”

We realised very early in that process that we were building something special – however only external validation of that idea could turn it in to a fact. We decided that the key Accreditations and Certifications that we wanted boosst to achieve to prove this were the CISI’s Accredited Financial Planning FirmTM as well as three individual & International British Standards for our Planners, Business Processes and Compliance Framework.

Whilst Accredited status provides consumer confidence, the complimentary British Standards give us great confidence internally – as our personnel and business processes have been externally stress tested to rigorous criteria. In our opinion, this combination of Accreditations and Certifications represent the ‘Gold Standard’ in UK Financial Planning today.

BS 8453

“Compliance framework for regulated financial services firms”

BS 8453 sets out a professional framework for an effective compliance management system. Developed in collaboration with a group of trade associations, industry practitioners and professional bodies, BS 8453 provides a set of agreed measures that will achieve a transparent compliance culture.

Compliance isn’t seen as the most exciting business function however it is an extremely practical and important part of a regulated Financial Planning business. When building boosst, we wanted to have an internal compliance function which serves our clients. We focus on outcomes and ensuring that clients receive fantastic service and address any shortcomings with haste and professionalism.
As well as achieving BS 8453, boosst receives external support from two separate compliance resources, including an independent compliance consultant who knows and understands our advice processes inside-out.

By implementing BS 8453, boosst has achieved peace of mind that the business is following best practice and can demonstrate that our compliance function is robust.

Achieving BS 8453 demands:

  • A positive approach to compliance, resulting in a healthy compliance culture
  • Complete transparency and accountability
  • Independence from any third parties
  • Adequate business resources to ensure ongoing compliance can be achieved
  • Utmost respect for confidentiality and data security
  • A robust compliance framework including responsibilities, risk management, ongoing monitoring, training, reporting, regulatory relations, controls and supervision

Building boosst from a blank page gave us the perfect opportunity to construct a business which is exceptionally compliant whilst remaining client focused. BS 8453 gave us the best structure to approach this opportunity.

The scope of the standard spans our entire business, enabling our team to operate within processes with confidence that compliance has already been considered at every step.

“Achieving excellence is no easy feat! I don’t mean academic excellence… I mean total and complete all-round professional excellence in everything that you do. 

In a sector saturated by academic and technical achievements any firm or individual that strives for and achieves one (never mind 3!) British and International Standards deserves the upmost respect and recognition from their peers and their clients. boosst as a team have pushed the boundaries in every element of their business, professional and personal development.  

It has been our pleasure to work alongside you all in order to support your exciting and rewarding journey! You should all be very, very proud of yourselves!”

Michelle Hoskin, Founder and Director Standards International