“I'd rather questions I can't answer, than answers I can't question.”

Date: 26th February 2024

Author: Sesame Bankhall Group

Financial Advice Centre Ltd is a long-established advisory firm in the West Midlands, celebrating 25 years of success in 2024 and supported by Bankhall’s services for over a decade. They now boast 11 advisers – three who specialise in mortgages, and the remaining eight having a full spectrum of permissions – and a further 11 administrators, who supporting both advisers and customers.

Popular and well-known in the area, the firm has been recognised for its work on vulnerability support and, in particular, domestic abuse. Having completed a domestic abuse course provided by an independent expert, Financial Advice Centre Ltd continue to train their team in recognising signs of financially controlling behaviour, supporting clients through difficult conversations, and signposting customers towards dedicated services.

We sat down with Angela Whillians, Head of Compliance (and internal champion for their domestic abuse work), to learn how our support has helped the firm – and her personally.

What services does Bankhall support Financial Advice Centre Ltd with?

“Lots, in truth, that all adds up to a comprehensive system of support.
“We have our annual audit, the document library is essential, we read all the regular bulletins, and the Consumer Duty support has been second-to-none. The IFAs use Your Learning Hub (Bankhall’s online platform) to contribute to their CPD training.
“The support is flexible. Recently, we arranged for a Specialist Advice Review Consultant to visit our offices to conduct a targeted training session, to help turn good file review grades into great ones. He explained the reasoning behind each section and the risks each exists to mitigate.

“Before, I felt like I personally lacked understanding of file review results. But now, if we get pushback from an adviser, saying the Bankhall reviewer ‘doesn’t know the customers like I do' kind of thing – I have a better idea of Bankhall’s perspective, therefore I can manage those conversations differently and drive us towards better reviews.

“Our new procedure from now on is before we send to file check, we do a sense check – and if a file doesn't make sense, it probably isn't right. We have to remember we’re handing the file over to a stranger who doesn’t know us, our clients or present at our conversations. The file needs to tell the client journey’s story to help Bankhall understand how the file came into being and prove that we’ve given excellent suitable advice.

“The extra support provided by the Bankhall rep made an immediate difference to our review grades, and further demonstrates how we are embedding the Consumer Duty in the firm to ensure good outcomes for our clients”.

What does having the support of Bankhall mean for the business?

“Peace of mind, ultimately. I have a saying – ‘I'd rather questions I can't answer, than answers I can't question’ – and Bankhall’s helpline means I can always confirm what I think I know and get answers to questions when I really don’t know.
“Not only that, but when they give me an answer, I can question their answer and exchange critical thinking, which in turn helps me gain a full understanding of why that's the answer. Critical thinking is so valuable because there is so much of the FCA handbook that is open to interpretation.”

And how does Bankhall’s support improve your customers’ experience?

“We often directly quote phrases and wording we’ve read from Bankhall, as the explanations are so clear, and that really helps client understanding of a process that can be quite difficult to navigate sometimes, as a lay person. 
“And of course, it helps to ensure we’ve ticked all the compliance and regulatory boxes, which in turn is there to limit potential risks for the benefit of everyone!”

And how has Bankhall’s support helped you personally?

“Since I joined Financial Advice Centre Ltd in 2016 as Compliance Manager, Bankhall has helped with my personal progression and development. I’ve completed my Compliance Diploma and am now an Associate of the International Compliance Association. The various learning and courses through Your Learning Hub certainly gave me the grounding and confidence to pursue that.

“I recall it was a conversation with a member of the team at Bankhall who helped nudge me towards becoming the firm’s SMF16. Our assigned personal rep asked me why I wasn’t SMF16, and it started the cogs going. With the full support from our progressive-thinking Managing Director, Piers Mepsted, I was provided as much access and time I needed to complete the regulatory training through Bankhall and so when it came to completing the application to the FCA, I was able to use this evidence as part of my successful application.”

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Thank you, Angela, for taking the time to chat with us.
If you’d like to join Financial Advice Centre in using Bankhall’s support services, leave a few details and we’ll be in touch.