Varramore Partners' 12-month Review
Varramore Partners recently celebrated its 3rd anniversary as an FCA-authorised firm. Here, we take a look back and reflect on this 12-month period.
In our 3rd year as an FCA-authorised firm, we focused on consolidating our client base and increasing our efforts on our Investment Services Platform, Conformité. Our Investment Services Platform combines our three core services – Regulatory Hosting, Governance, Risk & Compliance and Accounting, Finance & Tax. As a regulatory host, we partner with boutique investment firms who become our Appointed Representatives (“ARs”) and, subsequently, conduct regulated activities with our support, advice and oversight. Our current AR portfolio consists of investment advisors, private debt fund advisors, venture capital fund advisors, fund distributors and corporate finance advisors. In addition, we have continued to assist our existing consulting clients (i.e., investment firms that are authorised and regulated by the FCA) to navigate the FCA's regulatory landscape. Furthermore, as a member firm of the Association of Chartered Certified Accountants (“ACCA”), we have assisted a number of clients with their accounting, finance and tax needs – both, on an ongoing and project basis.
On 8th December 2022, the FCA implemented rule changes arising from the Policy Statement on Improvements to the Appointed Representative regime (PS22/11). In conjunction with this, we undertook a comprehensive review of our policies, procedures, systems and controls to ensure that, in light of these rule changes, our infrastructure continues to be robust and best-in-class. We welcome the FCA’s efforts to provide clarity and increase standards in respect of the Appointment Representative regime – this will benefit the FCA, principal firms, ARs and, ultimately, customers of ARs.
Throughout the year, we engaged with the FCA, trade associations, industry peers, our clients and other stakeholders to help us refine our processes and enhance our services.
Gerard O’Brien, Managing Director, had the following comments on our 3rd year as an FCA-authorised: “Year 3 has felt like a step-change for us regarding our regulatory hosting services. We feel that we have graduated from being an emerging regulatory hosting firm and are now fully-established. Our proposition is niche and our services are targeted at a very specific subset of boutique investment firms. It is for this reason that we have focused our attention in Year 3 on refining our infrastructure and consolidating our client base. Where we meet a potential client that fits within our business model, we genuinely believe that we can become a trusted and valuable business partner to them. Many potential clients reach out to us following recommendations from our existing ARs, which speaks volumes for the relationships that we foster with our ARs. As ever, we are grateful to all our clients for their continued trust during our 3rd year as an FCA-authorised firm and look forward to many more years of partnership.”
Please see our infographic for some of our highlights during our 3rd year as an FCA-authorised firm.
Varramore is a boutique professional service provider offering a range of bespoke services to investment firms that are authorised and regulated by the Financial Conduct Authority (“FCA”), seeking to become authorised and regulated by the FCA or wishing to carry out regulated activities as an Appointed Representative (“AR”) of a firm that is authorised and regulated by the FCA. Varramore combines in-house investment sector experience with consulting practice knowledge to provide clients with a “best of both” service. In addition to possessing extensive experience in the areas of regulatory hosting, governance, risk, compliance, accounting, finance and tax, Varramore understands how investment firms operate on a day-to-day basis. This combination allows Varramore to deliver practical, pragmatic and proportionate services to our clients in a manner that adds values and improves operational efficiency.
Varramore was established in 2016 and is headquartered in London.
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