I-FACT History

The founder of our Company, John Derry-Collins first became involved with regulations back in 1986 with the first Financial Services Act. This was largely centred around the phrase “people need to be trained and competent to undertake the work that they do”. John has been involved with developing and running sales teams along largely military lines since 1968 and, as they were high volume re-insurance companies, these companies wanted to engage him to train other sales teams on their behalf. This worked well until such time as the insurance companies began to engage their own training compliance teams.

In 1996, Independent Financial Advisers (IFAs), known as brokers in those days, were first drawn into regulation and John created the Consultancy Independent Financial Advisers Compliance and Training (I-FACT). The consultancy prospered and was a founding member of the Compliance Institute whereby John became the Vice Chairman of Citigroup. Regulation grew, as was almost inevitable, and there were a total of nine different regulators each monitoring a specific sector of the market.

One of those was the General Insurance Standards Council (GISC) and I-FACT was selected as the consultancy to undertake some policy work and training for all general insurance brokers to introduce this new regulator and to train insurance brokers on how to comply. GISC became the dominant client although the company did maintain strong connections with insurance companies and the leading brokers.

The government was put under public pressure to create a single regulator and when the Financial Services Authority (FSA) was first formed experienced and respected advisers were invited to work with the new regulator as what was called “grey panthers” to bring in street knowledge. John was a member of these Working Parties, particularly on training and competence and simplified advice. The FSA became the 10th regulator with which the company worked with. John still works with FCA on a number of Working Parties.

The Consultancy has always been at the cutting edge of regulation and seeks to strike a very fair and objective balance between business advice and regulatory advice as all the company consultants understand that good compliance is only best business practice conducted as a habit. We strongly believe in standing shoulder to shoulder with our clients, but leaving the clients free to do as much of the work they would choose to do but we will take on board all of the heavy lifting in respect of regulation and regulatory reporting.

If you are looking for regulatory business or compliance support from a very experienced consultancy team please contact us via telephone (03456 121211) or email (info@ifact.co.uk). We would be pleased to offer a one hour “discovery meeting” to establish how we can best deliver on your requirements and contribute to your prosperous future.