Since it was established in 2006, Intrinsic Financial Services has become one of the UK's fastest growing Financial Advice Services companies. With an annual turnover in excess of £90 million, Intrinsic works with more than 2000 financial advisers across the UK that provide financial, mortgage and insurance advice to businesses and individuals. Intrinsic provides support services including training, expertise and technology.
Intrinsic realised that a great deal of time was being spent by staff providing compliance support to Intrinsic's network of financial advisers. The business had historically provided this service on a manual basis, using lists provided by HMRC and other government bodies to carry out the necessary levels of due diligence on current and prospective clients.
The growth in the business coupled with the increased financial regulation in the UK meant that this was becoming a highly labour intensive process and Intrinsic began searching for a more effective means by which to carry out the necessary checks.
What we did
Having conducted a thorough review of the market, Intrinsic chose to work with LexisNexis® Bridger Insight™ XG which can be implemented either as a web-based solution or integrated with a company's systems.
Bridger scans customers and third-parties in real time, ad-hoc or in bulk against the most up to date watch lists. The watch lists are automatically updated and include lists from HM Treasury, OFAC, FBI Most Wanted and United Nations.
For Intrinsic, the implementation of Bridger brought immediate results in terms of time saving. Lindsay Palfreeman, part of the Financial Crime Team at Intrinsic commented: "We needed a solution that we could use quickly and effectively on a daily basis. Bridger has significantly reduced the amount of time it takes us to conduct checks."
- Breadth of information
- Simple to use and highly effective
- Up to date information from trusted sources
Bridger includes watch lists for sanctions as well as Politically Exposed Persons (PEPs). Lindsay considers the breadth of information available as a key advantage.
"Our thousands of financial advisors work with clients across the country and it is essential that we can remain compliant with relevant Anti Money Laundering (AML) legislation and sanctions lists. With Bridger it is easy to access the right information. The product is simple to use and highly effective, providing the right information quickly."
"Obviously the level of risk in any transaction will vary," continues Lindsay. "What Bridger enables us to do is quickly gain more information on the client base and understand the risk profile of our client base. A financial advisor may meet with anyone in the course of their business without necessarily knowing their detailed history.
Bridger provides the background through which we can be sure of the risk profile and demonstrate a data trail of compliance." Because Bridger is automatically updated, Intrinsic always has access to the latest information. "Compliance is not about a moment in time but an on-going process to ensure risk is assessed," comments Lindsay.
"With Bridger we can be certain that not only is the information up to date but it is from trusted sources. It would be impossible to get this kind of insight by sourcing the information from the internet."
Bridger has transformed Intrinsic's approach to due diligence checks. "Compared to manual processing, Bridger takes a fraction of the time. We use it on a daily basis and trust the information that it provides," concludes Lindsay.
"It has proved a great investment for the company, giving us the relevant information we need to manage our client base far more effectively."