Independent Case Checking
Independent Case Checking for Financial Services Firms
Merchantry provides independent case checking support for financial services firms seeking an experienced review of client files and supporting documentation. Drawing on practical experience within directly authorised financial services businesses, our approach focuses on reviewing files against an agreed scope, identifying matters requiring attention and providing clear findings for the client firm to consider.
The Service
An experienced, independent review of your case files.
Independent case checking provides an additional review of selected client files and supporting records against agreed review criteria.
It can help financial services businesses identify missing information, documentation gaps, inconsistencies and other matters that may require further attention.
Merchantry’s service is informed by experience working within directly authorised financial services firms. The purpose is to provide practical findings that support the client’s own quality assurance, supervision and governance processes.
The review scope, file types, criteria and reporting arrangements are agreed for each engagement.
Who We Support
Independent case checking for financial services businesses.
Mortgage Brokerages
File review support for mortgage-related case documentation, subject to the agreed scope and applicable requirements.
Insurance Brokerages
Review support for selected insurance-related case files and supporting records.
Directly Authorised Principals
Additional file review capacity to support internal quality assurance and supervisory processes.
Financial Advice and Planning Firms
Review support for relevant client files and documentation, where the required expertise and scope have been confirmed.
The availability of file review support depends on the file types, the required expertise, the applicable requirements and the agreed scope of each engagement.
Review Focus
A structured approach to file review.
The specific checks depend on the type of business, the file, applicable requirements and the agreed scope of work.
Documentation Completeness
Review whether the agreed categories of documents and records are present.
Information Consistency
Identify apparent inconsistencies or gaps within the material supplied for review.
Process and Record-Keeping Checks
Consider whether relevant steps and records are evidenced against the agreed review criteria.
Findings and Follow-Up
Provide clear observations for the client firm to assess and address as appropriate.
These are illustrative review areas, not a universal checklist or a promise that every regulatory requirement will be assessed.
Our Process
Clear scope. Structured reviews. Practical findings.
Agree the Scope
We discuss the types of files, review criteria, responsibilities and reporting requirements for the proposed engagement.
Provide the Files
The client provides relevant case information through arrangements agreed for the engagement, subject to appropriate confidentiality, security and data protection measures.
Conduct the Review
Merchantry reviews the supplied materials against the agreed criteria and records relevant findings.
Report and Follow Up
Findings are communicated to the client for consideration, investigation or remedial action as appropriate.
Timescales depend on the file types, volume, scope and agreed arrangements. Specific commitments should be confirmed before an engagement begins.
Why Merchantry
Experience informed by the realities of regulated businesses.
Merchantry was established by people who have run authorised financial services firms.
That experience informs our understanding of the operational demands associated with file reviews, quality assurance and appropriate oversight.
Our approach emphasises agreed review criteria, clear reporting and practical communication.
Independent Case Checking is a dedicated Merchantry service, separate from the provision of embedded case checkers through Specialist Staffing and our separate Compliance Consultancy.
Clear Accountability
Independent review does not replace regulatory responsibility.
- Independent Case Checking is intended to support a client’s own quality assurance and governance arrangements.
- The client remains responsible for its regulatory obligations, supervision, decisions and any action taken in response to review findings.
- A review is limited to the materials provided and the scope and criteria agreed.
- It does not constitute a guarantee of compliance, regulatory approval or assurance that every issue has been identified.
- The precise responsibilities of both parties should be documented in the engagement terms.
Because case checking may involve client files containing personal and potentially sensitive information, controller and processor roles, confidentiality, lawful data access and applicable UK GDPR and Isle of Man data protection requirements should be reviewed and documented for each engagement.
Frequently Asked Questions
Frequently asked questions about independent case checking.
Get in Touch
Let’s discuss your case checking requirements.
Tell us about the files, review scope and quality assurance support your business requires. We can discuss how an engagement may be structured.