Regulation and Fees

Our Regulatory Status

Compass Capital Solutions Ltd. t/a Compass Private Wealth, Compass Pensions, Compass Financial Planning, Compass Charities is regulated by the Central Bank of Ireland as an Insurance and Investment Intermediary.

  • We are subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers.

  • All of our staff are fully Qualified Financial Advisors (QFA).

  • Our Financial Accounts are audited every 12 months as per the Central Bank of Ireland regulations.

  • We have no external shareholders and no external debt within the Company.

  • Compass do not have a Client Premium account, we do not take custody of client assets and we do not sell proprietary financial products. In this way, we act as an Intermediary and holistic financial planning advisor to our Clients.

Importance of Regulation:

The reason for Regulation for Intermediary firms like Compass Private Wealth is simple: To protect the consumer and ensure that the advice that we provide is suitable to each client.

While a lot of financial advisory firms may give out about Regulation, we fully embrace it and fundamentally believe that it is a good thing. It does add to the cost of doing business for us and to the end advice we give to the client, but we believe that it is a small price to pay for peace of mind.

Steps we go through:

  1. Factfind: Before we provide any advice to our clients, the Central Bank of Ireland (CBI) regulations stipulate that we have to firstly gather as much information as possible about the client. We also ascertain the financial objectives and any particular risks / concerns / restrictions the client has. This is very important in order to ensure that our advice is accurate, relevant and appropriate

  2. Recommendation: Having gathered all of the quantitative & qualitative information, we not outline our Engagement Proposition by way of a Statement of Suitability document. This will outline what our recommendations are, why we’re making these recommendations, the totality of fees & charges and what the risks are.

  3. Set up: When the Client is happy with our recommendation, we put in place the various solutions agreed with the Client

  4. Ongoing Advice: We keep in regular contact with our clients to ensure that any changes in their lives are taken into account.