Specialist financial services regulatory consultancy, Bovill, has announced a new strategic partnership with software provider, Grath.

The two firms are launching a joint offering that combines advice with technology to support firms in meeting the regulatory requirements around the assets they hold on behalf of clients.

The partnership, which combines Bovill’s 20 years of experience in regulatory advice with the real-time regulatory assurance platform from Grath, will deliver a hybrid solution for firms subject to client money and assets, payment services and electronic money regulations.

Bovill CEO, Ben Blackett-Ord, commented: “We are very excited by this new partnership with Grath and the opportunities and potential in terms of regulatory compliance that it brings. The world of financial services has recently had to adapt rapidly to events such as Brexit and COVID-19, and this new offering will give our clients some much needed peace of mind.”

In October, the FCA indicated that compliance with the client assets (CASS) rules remains high on its priority list, with the regulator’s latest Dear CEO letter reiterating that following the impact of COVID-19, firms must “maintain adequate arrangements” to look after client assets.

The FCA has also indicated it is expecting more from e-money and payment institutions when it comes to safeguarding customer funds.

Grath CEO, Matt Povey, added: “We are really looking forward to working with Bovill in this new endeavour. As the regulatory landscape becomes more complex, it is becoming ever more crucial to maximise the use of technology to help with regulatory challenges.

“We are confident that the partnership will save clients time and grant welcome assurance of compliance, particularly in terms of CASS and safeguarding.”

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