It may be good practice to include non-executive directors on the board (bearing in mind the remuneration needed to provide additional expertise and impartiality.
It is good practice to obtain legal advice in respect of any equity allocation between shareholders and who may or may not have any financial liability
It is good practice to seek appropriate financial, legal or other advice before committing to one solution, approach or provider over another.
It is good practice to discuss insurance needs with a specialist PI broker to help avoid being under-insured on PI, Directors & Officers and Errors & Omissions risks. BIBA offers members access to three accredited PI brokers with preferential schemes for members.
It is good practice for a broker to choose an appropriate professional accounting firm with experience of financial services including Financial Conduct Authority and Retail Mediation Activities Rules as well as an understanding of client money requirements.
It is good practice to provide training or guidelines to anyone formally recruiting or to create a bank of ‘authorised recruiters’ who are kept up to date with ongoing legislative requirements and good practice.
It is good practice to have defined HR documentation and company policies in place once employees are recruited and there are online templates available for this purpose.
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