Isle of Man News - POSTED Mon 24-03-2014

Prestigious award honours Ramsey Crookall Director's compliance work

by MT

Prestigious award honours Ramsey Crookall Director's compliance work

The contributions to the compliance sector of Ramsey Crookall director Michael Deering have been recognised with the presentation of a new honour.

Michael, who has been with the long-established Isle of Man stockbroking and investment management firm since 1998, was handed the inaugural “Best Compliance Professional” title at the prestigious City Of London Wealth Management Awards ceremony, held at The Guildhall, London, on March 12th.

This was a new category for the Awards, seeking to recognise an individual who has made an exceptional contribution in their compliance role and continued commitment and enthusiasm for the compliance sector.

The annual City Of London Wealth Management Awards is a highlight of the financial industry calendar, attended by more than 300 professionals. It aims to recognise and promote quality service from wealth managers and stockbrokers, and are unique as the winners are determined by online votes from investors.

Michael admitted winning the award had come as a shock.

He said: ‘I was asked to represent the firm at the ceremony with my colleague Stuart Cowan as Ramsey Crookall had been shortlisted for the third year running in the Company Awards category for “Best Advisory”, “Best Discretionary” and “Best Execution-only” provider, which, in itself is a remarkable achievement when compared to much larger Institutions in the UK in the same categories.

‘When my name was announced as the winner of the Best Compliance Professional I was absolutely stunned. I am immensely proud to win such a prestigious award and it is testament to all the hardworking staff at Ramsey Crookall who have supported me and the company.

‘This award gives our existing and potential clients the confidence that we are a recognised award-winning institution and that they are dealing with a company with very high standards and excellent customer service. It is also a fantastic accolade for the Isle of Man’s financial sector as another demonstration that the Island is a respected  business centre with the very highest standards of ethics and integrity and compliance with International standards.’

Michael, who is a Chartered Fellow and a Chartered Wealth Manager, spent three years with a local firm of Chartered Accountants after leaving university, joining the accounts department of Ramsey Crookall in 1998. He later moved to the dealing team, where he was asked to establish a formal compliance department to initially ensure compliance with new anti-money laundering legislation and the Stockbrokers Code.

Michael said: ‘Since then, the compliance requirements of the firm have increased significantly and our compliance team is now three-strong and a significant part of my role is dedicated to the compliance function. This area encompasses compliance with anti-money laundering legislation and the Rulebook, as well as reporting under various Exchange of Information agreements with other global jurisdictions.

‘The Chief Compliance Officer is becoming an increasingly important role for organisations as the legal and regulatory pressures faced by businesses in all industry sectors, together with often aggressive enforcement environments across the world, means there is a greater reliance on them to help effectively manage risk and build sustainable business models.
Ramsey Crookall CEO Joanna Crookall added : ‘We are absolutely delighted with this well-deserved recognition of Michael’s contribution and enthusiasm. Understanding and conforming with all compliance regulations, as well as anticipating changes, is vitally important in our business, and this is something Michael does exceptionally well.

‘This is the third year in a row that Ramsey Crookall has been successful at the City of London Wealth Management Awards, and this is testament to our staff’s dedication to a truly excellent level of customer service, and proves again that our Manx family firm can complete on the international stage in the City of London.’

Photograph: Ramsey Crookall director Michael Deering (right) with City Of London Wealth Management Awards guest speaker Anthony Hilton of the Evening Standard.

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