Financial sector services. Financial services PRECISE. PROVEN. PERFORMANCE.

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1 Financial sector services Financial services PRECISE. PROVEN. PERFORMANCE.

2 Financial services firms require bespoke solutions In an increasingly complex, and at times highly volatile sector, it is vital that you keep ahead of all the new rules and regulations and how they affect your business. The Financial Services Sector Group is one of the fastest growing and dynamic departments within Moore Stephens LLP. At the heart of that success is a team with niche expertise and knowledge, gained from working closely with leading financial businesses and key people within the industry. Our clients are varied, and include asset and investment managers and advisers, brokers, hedge fund managers, private equity firms, corporate finance firms, trading platforms, banks and funds. We assist both national and international clients across a range of business structures, including corporate entities, limited liability partnerships, unit trusts and limited partnerships. As an indication of our experience and expertise in the financial services sector, the Financial Services Sector team have been holders of Complinet s prestigious Best Regulatory Consultancy Firm award. The award recognises the successes and achievements of compliance professionals from across the financial services industry. What makes us different Most accountants offer audit and tax services. Many consultants provide compliance solutions to financial services firms. So what makes Moore Stephens different? Breadth Not only do we provide audit, tax and financial services compliance under one roof, but we also offer remuneration planning, corporate finance, UK, international and personal tax planning, payroll and company secretarial, IT solutions and business continuity planning, to name but a few. Our aim is to become our clients first port-of-call for all of their business requirements. Integration We ensure clients receive a totally integrated and efficient service, where audit and tax teams work together, alongside financial services specialists and IT experts. Specific assignments are not considered in isolation but as part of the service offering as a whole, to ensure that all information is used to increase the value clients receive from our services. Valuable relationships The very nature of the work means we gain a detailed knowledge and understanding of our clients business at numerous levels. As such, we are able to quickly identify risks as well as any areas for potential improvement. And through the development of strong, long-term relationships we gain an understanding into what makes them successful. This not only allows us to focus on the specific strategic needs of our clients, but also means we feedback insights, improvements and intelligence to senior management. For more information on the Financial Services Sector team, or to learn how we could help you, contact one of the team on the back page of the brochure. As an indication of our expertise in the financial services sector, Moore Stephens has twice won the prestigious Thompson Reuters Best Consulting Firm for Risk & Compliance award. 1 Financial services

3 External audit We provide external audit services to a range of financial services entities, from newly formed start-ups to established national and international groups. Our well-resourced and experienced audit team covers UK wide and global audit assignments; and our focus on planning ensures timely reporting to shareholders, audit committees and regulators as applicable. While assurance services may not usually be viewed together with adding value, we do not subscribe to this concept as we understand the need to offer advice to help you develop your business as well as providing assurance on your business controls and annual accounts. Additional expertise is available from our technical team covering all aspects of IFRS, UK GAAP, company law and International Standards on Auditing (ISAs). CASS audits With the recent changes in the CASS rules we can also complete a full CASS health check to ensure full compliance with the changes in the rules and ensure we identify no breaches that may cause any issues with the year end CASS audit. Our audit strategy is to adopt a risk-based approach: Audit strategy and planning Our audit strategy will be to adopt a risk-based approach, which will include a detailed risk assessment and an appraisal of the systems and controls put in place to mitigate those risks. To achieve this we seek to: develop a sound understanding of your business and its risks, and the way they are mitigated and controlled; perform a review of your IT systems and controls at an early stage in order to ensure that our audit tests can be designed in the most efficient way; and build a strong relationship between your management team, your service providers and our service team. Scope and materiality In conducting our audit, we will pay particular attention to reviewing the transactions and balances that exceed appropriate materiality levels and to ensure the completeness of all transaction groups and categories of balance. Control and co-ordination Overall co-ordination is the responsibility of the audit engagement partner, who maintains an involvement throughout the audit by monitoring progress and informing clients of any unexpected deviations from the planned audit timetable. Dealing with critical issues Proper planning and detailed risk review procedures, coupled with regular communication between the client and senior members of our team helps identify most potentially critical issues. Reporting arrangements We believe it is vital for clients to get the most benefit out of the audit process and, as such, we ensure that all significant weaknesses or suggestions for improvements are reported to management on a timely basis. Reporting arrangements We can complete the Auditors report to the FCA/PRA in accordance with the SUP rules. Financial services 2

4 Governance, risk and assurance The management of risk and implementation of robust corporate governance has become an increasingly important aspect of global business. For firms in the financial sector, this is an area of particular importance. Both the FCA and PRA have made it clear that governance and risk management are high on their agenda and this has been demonstrated through recent s166 Skilled Persons Reports and fines. Our aim is to leverage our expertise and sector knowledge to help organisations meet their governance, risk and assurance objectives. Our governance, risk and assurance (GRA) services include: Internal audit An effective internal audit consists of a systematic review of all the important processes in an organisation, including finance, HR, IT, compliance, sales, purchasing and other operational areas. It also needs to deal with specialist technical areas, such as IT implementation projects, regulatory developments, risk management and themes such as corporate culture. We can provide internal audit services on a fully outsourced or a co-sourced basis, enabling you to achieve the right level of support for your organisation. Our internal audit teams have extensive experience of working in the financial services sector, but we don t take your business model for granted. We begin every internal audit assignment by building a real understanding of your business. In this way we can focus our work on your key risks, applying creative thought to target our effort as efficiently and effectively as possible. Assurance services Moore Stephens premium assurance services provide stakeholders including management, owners and customers with the confidence that a business is being managed and governed effectively. Our assurance services not only aim to ensure that your systems and controls are operating efficiently and effectively, but also that your business gains commercial value from the exercise. As such, they should not be viewed as a quick fix but rather as something of value, empowering a business to help achieve its goals. Our premium services include AAF 01/06, ISAE 3402 and ISAE 3000 reports, governance framework reviews, internal control health checks and regulatory compliance advice. Risk management The management of risk should not just be viewed as the responsibility of a separate function. The pressure on management, therefore, is not only to develop effective structures and systems to manage risks, but to ensure those systems are aligned with business objectives, strategies and internal functions, and embedded into every part of your financial organisation. At Moore Stephens, our sector-specific approach guarantees that we help you identify and fully understand the risks that affect your financial business, and then implement the right controls to address them. Our objective is to help your organisation not just to feel confident about change and uncertainty, but to prosper from it. Corporate governance Good corporate governance ensures that transparency, accountability and fairness are embedded in the decision-making process of your organisation. To achieve this, our financial sector team will work in partnership with you to help develop an effective corporate structure with strong procedures, leveraging our knowledge of best practice in similar businesses. Once in place, we then assist in the maintenance and monitoring of your governance framework and procedures to ensure they continue to meet the objectives of both you and your stakeholders. IT assurance and advisory We can help ensure that IT systems and processes are fit for purpose and we provide a range of services including strategic advice, project management and technical support. Our knowledge of the hardware and software marketplace and experience of recent innovations, particularly Business Intelligence applications, enables us to design systems that meet clients specifications accurately and within budget. Our team of financial sector specialists can provide a range of services to meet your objectives. Our aim is to help give you the confidence that your IT systems are working for the good of your business, both now and in the future. 3 Financial services

5 Regulatory consulting Regulatory consulting Our award-winning Regulatory Consultancy team is about helping businesses anticipate and adapt in an ever changing regulatory climate. We provide regulatory interpretation, and consultative problem solving together with core compliance services. We can help you look at your business from a number of regulatory angles and perspectives, to give you comfort about overall levels of compliance and undertake targeted or Deep-dive exercises, bespoke to your needs, to enable you to ascertain specific insight, or address a specific regulatory concern. This will enable you to meet your FCA or PRA requirements in respect of compliance monitoring and also to understands the robustness of the regulatory systems and controls within your business. Our services include: Regulatory review services We offer a number of holistic review services where we can undertake Health Checks / SYSC reviews and Governance reviews against regulatory standards, or more topically, we can undertake all-encompassing reviews to evaluate your Firm s Conduct Risk Framework or MiFID II preparedness. We also conduct focussed reviews covering areas such as; preparation in advance of regulatory visits (FSF), Best Execution reviews, Recovery & Resolution Planning and reviews of Outsourcing arrangements. This service can be tailored to your needs depending on support clients are seeking. Comprehensive compliance support Within our comprehensive service, we offer the ongoing advice and support you need to be confident that you are meeting your regulatory requirements and industry best practice. This services includes the review of your existing compliance procedures, manuals and documentation, implementation of a tailored up-to-date Compliance Monitoring Programme, formal on-site visits and telephone and support. We can also provide support in a number of wider areas: Remediation support and skilled persons reviews Our team are highly experienced in providing a wide range of exploratory and remediation services, such as; helping Firm s to look at their Risk Mitigation Programmes, designing Remediation plans and undertaking Past Business Reviews. We are also on the FCA and PRA Skilled Persons Panels and have a strong track record in undertaking Skilled Persons Reviews (s166 Reviews), Shadow Skilled Persons Reviews, Enforcement Advice (including Voluntary Requirements Notices [VREQs]) and supporting businesses who are required to provide regulatory Attestations. Applications and permissions We offer assistance with regulatory applications, on a Firm, Fund and Individual basis. Our service is scalable to allow clients self-select the desired level of input from us, which can vary from building the application pack with all forms and supporting documents to simply providing a review of the application prior to submission. Amongst the areas where we provide application support are; Variation of Permissions, New Fund Applications (AIF & AIFMD applications), New company approval applications, New Individual applications including: Approved Persons, Senior Management, or Risk Taker applications, Consumer Credit Approval. Training Our training services are available not only to help you learn about unfamiliar regulatory issues and developments, but also to up- skill and impart knowledge within your organisation. Please speak to us to about how we can design a programme to support your organisational needs and to confirm the topics where we will provide free training as part of our other services. Ad-hoc services We also facilitate pay-as-you go services, enabling you to contact us as-and-when you have a set project or piece of work where assistance is required. We can agree a fixed fee, or provide an estimation of time and costs providing you with a quote prior to undertaking the work, to fit within your planned budget. Retained services On a regular basis we can provide a predetermined level of support on a retained basis, for a monthly fee. We will provide regular on-site visits, access to telephone and support to assist within any compliance issues and queries that may arise. If you re a small business, this is perfect option, rather than employing specific regulatory staff. This additional support is equally as valuable to a busy compliance team who may not have the time to be experts in all areas regulation that touch your business. Regulatory outsourcing Our specialists can also provide outsourced compliance services in the areas of Gabriel reporting and financial reporting. In summary, It is our aim to provide you with a bespoke, trusted services to ensure that not only can our clients embrace regulation and manage the impacts of regulatory change, but so that we can help facilitate your business having a safe and sustainable future. Financial services 4

6 Tax services The Financial Services tax team at Moore Stephens provides advice and solutions to a broad range of businesses in the financial services sector. We have the niche expertise and knowledge to meet all your business requirements. With our team of business and private client tax experts, we are in a unique position to consider the tax position of the brokers, collective investment vehicles, their managers and investors. Tax has become an increasingly important item on the business agenda over recent times, and whilst we understand the importance of getting tax arrangements right, we firmly believe that tax planning should complement rather than lead business strategy. We work closely with our audit and financial services compliance teams to ensure our clients receive a fully integrated service which fully meets their business and personal requirements. Tax structuring How to structure your business is one of the most fundamental decisions to be made. By working closely with you, our commercial approach to tax planning ensures that the tax consequences are fully addressed and that every sensible effort is made to minimise tax burdens and prevent problems before they occur. International planning and offshore funds Our international network enables us to advise on the tax implications of crossborder transactions, providing a truly global tax structuring service. In today s international business environment, it is important to understand not only the UK tax issues which need to be addressed but also the impact of local taxes. We can provide solutions addressing the additional tax issues which arise including the diverted profits tax, transfer pricing, corporate residence, non domicile and offshore structuring planning and expatriate tax and NIC issues that might arise for employers. Tax compliance UK and International Ensuring your tax affairs are properly managed and up-to-date is the cornerstone of our service. We offer a complete range of tax compliance services, including the preparation of UK company and/or LLP tax returns and computations and payment advice, ensuring that you meet your statutory obligations efficiently and with confidence that your returns are technically accurate. As a firm with a significant international presence, providing overseas tax compliance is a key element of our offering. VAT solutions and advice Due to the amount of case law both in the UK and the EU, the VAT rules for financial services firms have become complex and require careful navigation. Having advisors who understand your industry is vital especially as the cost of getting it wrong can be severe with penalties having doubled in recent years. The Moore Stephens VAT team has a wealth of experience in advising a wide range of businesses in the financial services sector. Whether you require advice on a large complex transaction or a small one-off query, our financial services VAT experts will be able to assist. A large number of financial transactions are exempt from VAT which leads to a restriction on the VAT which businesses can recover under the partial exemption method. We can help you implement planning strategies to maximise your recovery as well as assisting you with your VAT compliance and advice on cross-border transactions. Employer consulting Employment costs often represent a substantial investment for financial services businesses and complying with all HMRC s requirements can be a strain. We can help you with the following services: a fully managed payroll service, from processing through to reporting including benefits and PAYE settlement agreements; remuneration planning to motivate and incentivise employees including salary sacrifice; 5 Financial services

7 structuring tax efficient share incentives and transactions for key directors and senior management; a full range of services for expatriates including planning on the most favourable tax treatment, preparation of tax returns and advising on expatriate policies including social security implications. The employer consulting team can also help deal with all auto enrolment pension issues that you may have including implementing and managing your pension requirements both from a payroll, compliance and design perspective including tax efficient ways of implementing schemes. Our team work closely with our employee benefits team in wealth management to deliver a comprehensive service. Research & development tax credits We have a dedicated R&D tax team who can review technical activities to identify areas where significant relief has not been claimed in tax computations. Through such work we have reclaimed over 120 million for our clients with a 100% claim success rate. Our specialist team comprises engineers and software developers who can liaise directly with your technical staff, as well as qualified auditors and tax accountants who are necessary to identify and to successfully manage R&D claims. Personal tax and self-assessment We offer a comprehensive and efficient tax return preparation service for individuals and LLPs and will guide you through all aspects of the self-assessment process. Particularly where you are a member of an LLP or are receiving dividends as a business owner, we will work with you to calculate your tax payments due as early in the year as possible, so you have certainty as to the amount of tax to hold back from your LLP profits/dividends. Personal tax planning We will work with you to ensure that your personal investments are structured tax efficiently having regard to your personal residence and domicile position, the nature and location of the collective investment vehicle and the underlying investments/ assets. We also advise on tax efficient exit strategies as well as structuring their interests to reduce their inheritance tax exposure. We can assist with planning for carried interests in Private Equity funds, especially as fund managers will no longer be able to shift their capital gains tax base cost when carried interest entitlements are triggered. In addition, we advise on the disguised investment management legislation. Non-UK domiciliaries and expatriates We specialise in acting for non-uk doms, both resident and non-resident, including those who are longer term residents who have significant planning issues to consider. We are well placed to advise on these matters, as the UK can still be a tax efficient location for non-doms with the correct advice, particularly in connection with the structures through which the fund investment is held. Many bankers, brokers and fund managers working in the UK are expatriates. We can advise on solutions involving, amongst other things, using dual contracts and obtaining overseas workday relief. We also frequently advise US citizens, and liaise with US advisers to ensure the overall tax burden is minimised. Wealth management Looking after your wealth has never been so important and effective wealth management ensures you are optimising all of the financial and tax options available to you. By drawing on the experience of our experts, we will ensure you take advantage of the available opportunities. We offer intelligent advice on investments, retirement planning, inheritance tax planning and protection. We offer a complete auto enrolment pension solution for employers and have a wealth of experience in implementing approved pension arrangements under the new legislation. Financial services 6

8 Business outsourcing Running a business today is challenging. There are more distractions to cope with, more relationships to manage and less time to devote to key actions particularly within the Financial Services Sector with the ongoing changes in regulation. The solution? Outsource some, or all, of your businesses financial and administrative functions in order to free up valuable resource. The Moore Stephens dedicated Business Support and Outsourcing team provides a full range of services tailored to your needs, from basic bookkeeping and the preparation of annual or monthly management accounts, through to payroll, software support and financial benchmarking. Our team includes a dedicated team focused solely on firms in the financial services sector and can assist firms with their regulatory reporting, providing reviews of regulatory returns and supporting calculations and providing ad hoc assistance in understanding the ongoing changes within the regulations. Our clients are varied, and include private equity firms, consumer credit firms, asset managers, fund managers, brokers, banks and corporate finance advisors. Our services Our BSO team provides a comprehensive range of fully or partially outsourced accounting services tailored to the needs of your business. We ensure that you concentrate on what s important for building your business, rather than compliance and administrative functions. Our services include: a full bookkeeping and finance back office solution for all accounting and administrative needs which are securely accessible via the internet. This can include the operation of bank accounts and general cash management, processing invoices and payments and acting as a postal address; timely management accounting and reporting packs in an agreed format, ensuring essential information is available and can be relied upon; we provide a full statutory accounts preparation service whether under UK GAAP or IFRS and can work together with your in-house accounting team or provide a complete outsourced solution including ixbrl tagging; preparation or review of financial regulatory returns for firms under CRD IV and BIPRU, including assistance to convert files into the required reporting format, such as XBRL for CRD IV firms; assistance with the preparation of budget and forecast figures which can be used to benchmark actual results and variance analysis reports; development of financial projections to be used as part of your application to the FCA or PRA for authorisation or variation of permission; development of scenarios and stress testing to be incorporated in your ICAAP; and Healthcheck reviews of returns, calculations and application and interpretation of regulatory rules, providing a written report of our conclusions. Accounting software solutions We offer the most effective accounting systems to suit your needs. Our expertise covers market-leading desktop and cloud accounting solutions, and we are accredited users of systems suitable for both small and large businesses. Our expertise also enables us to work with your existing system, or alternatively create reporting that feeds directly into the group accounting system. Payroll for employees We can help you understand the employment tax regimes and your obligations as an employer when you recruit staff for your business. We can advise you on certain beneficial tax arrangements. We can handle the registration of your PAYE payroll scheme the system used to collect income tax and national insurance contributions from employees pay. We also calculate and process staff salaries through our in-house BACS-approved payroll bureau, with employee payslips delivered online, salaries paid directly to employees, and payroll data submissions made to HMRC. Company secretarial Our Company Secretarial team specialises in corporate reconstructions, capital reductions, registration and re-registration of companies. We also offer a complete compliance package including incorporations, bespoke articles of association, board meeting minutes, annual returns and general day to day compliance. 7 Financial services

9 Corporate simplification In house corporate simplification projects can suffer from a loss of momentum caused by such issues as a lack of buy in from stakeholders, insufficient specialised resource or a failure to progress issues due to a lack of experience of the risk, technical and commercial issues faced. Our dedicated Corporate Simplification and Exits team specialises in corporate simplification, members voluntary liquidations (MVLs) and managed exits and can help you deliver a successful project by providing as little or as much support as you require. We have deep understanding of these projects in the Financial Services sector and can provide pragmatic solutions to blockers arising during the life of the engagement. You will work alongside a senior team with over 15 years experience of this type of work who will ensure a successful outcome whether on a project comprising solely the elimination of a small number of dormant entities or the simplification of a large cross border group. How can we help? Business case we can help you quantify, evidence and draft your business case for the project using benchmarking data or through a review of your operations. Liquidations we can provide our specialist licensed insolvency practitioners to act as liquidators in members voluntary (solvent) liquidations of fund structures, listed funds, companies and corporate groups. We can also help you implement the out of Court capital reduction and striking off processes. We can also act as liquidators, where required, in the Channel Islands and other European and Global jurisdictions through the Moore Stephens International network. Project management we can help you set up your corporate simplification project including advising on roles, reporting structure, phases and timelines. We can also support or act as project manager on the project or provide you with ad hoc or ongoing resource. Design we can help you design your optimal group structure and advise you on its implementation, including advising you on the restructuring, tax, transfer pricing, company secretarial and transactional aspects of the project. Review we can help you with the high level feasibility review and detailed entity by entity review during the project and advise you on the resolution of any issues arising. Wind down we can help you efficiently wind down a business or company in a risk managed way and help maximise the return to shareholders. A bespoke solution and a bespoke fee means value for money and our specialist team means we are able to provide a full service offering covering the restructuring, tax, transfer pricing, company secretarial and transactional aspects of the project where appropriate. A bespoke solution and a bespoke fee means value for money and our specialist team means we are able to provide a full service offering. Financial services 8

10 Corporate finance Whatever the economic climate, Moore Stephens can help you maximise the potential value of your business, advising and supporting you every step of the way. Buying or selling, raising development capital or floating on a public market are not everyday occurrences for most businesses, yet we deal with these matters routinely. Moore Stephens Corporate Finance provides a comprehensive range of lead advisory and transaction support services. Our clients range from mid-sized quoted companies and large private concerns to smaller owner-managed businesses, covering a wide variety of industry sectors, both in the UK and overseas. Our UK team is headed by a specialist division in London but we also have a national and international remit. Our regional network of offices is uniquely placed to offer you local knowledge and advice, while member firms of Moore Stephens International can assist with complex international or cross-border issues. How we can help: Transaction services The Moore Stephens Transaction Services team prepares financial due diligence reports on acquisitions, disposals and capital market transactions. Our reports inform decision-makers, support price negotiations and improve your return on investment. Our approach to due diligence provides comprehensive and timely feedback for potential acquirers and financiers. The provision of reliable information throughout a transaction is critical to its success so we keep clients informed with regular updates, interim presentations and final reports issued to agreed timescales. In addition, we provide valuations, financial modelling and advice on sale and purchase agreements to improve client s returns after completion. Lead advisory Moore Stephens can help you maximise the potential value of your business, advising and supporting you every step of the way. Buying or selling, raising development capital or floating on a public market are not everyday occurrences for most businesses, but these transactions form the core of what we do. Business valuation There are many reasons for valuing a business including financial reporting, portfolio valuations, buying or selling a business, selling or transferring shares, setting up an employee share scheme, tax, considering a market listing, breach of contract or a cessation in trading, shareholder disputes, or death or divorce. The valuation of unquoted shares in private businesses presents unique challenges, but our tried and trusted techniques will provide you with a true, fair, well-informed and defensible commercial valuation. IPO support Moore Stephens has supported clients from across the globe in the IPO process not only for UK capital markets, but also NASDAQ, Johannesburg, Oslo, Moscow and Toronto. We provide hands-on support to management teams and sponsors throughout the listing including: initial preparation for listing and introductions to other advisers; assistance with financial forecasts and financial modelling; preparation of the long form report; preparation of various comfort letters; preparation of the working capital report; reporting on historical financial information; assistance with the board memorandum on financial reporting procedures; advising on the due diligence process; and assistance with tax planning for the company and shareholders. We can also provide support for the in-house IPO project team and have considerable experience of managing the IPO process and interacting with external advisers efficiently so as to minimise disruption of day-to-day business. 9 Financial services

11 Our global reach Our expert reach extends beyond London and the UK. Through the Moore Stephens International network of firms we can call on trusted professional colleagues in over 100 countries, enabling us to access local financial expertise as and when we need it. Moore Stephens International network and correspondent firms Financial services 10

12 About Moore Stephens Moore Stephens is a top ten accounting and advisory network, with offices throughout the UK and member firms across the globe. Our clients range from individuals and entrepreneurs, to large organisations and complex international businesses. We partner with them, support their aspirations and contribute to their success. In-depth understanding of our clients allows us to deliver focused accounting and advisory solutions, both locally and globally. Clients have access to bespoke services and solutions, including audit and assurance, business support and outsourcing, payroll and employers support, business and personal tax, governance and risk, corporate finance, forensic accounting, wealth management, IT consultancy, and restructuring and insolvency. Our success stems from our industry focus, which enables us to provide an innovative and personal service to our clients in a range of sectors. Moore Stephens globally Moore Stephens International is a top ten global accountancy and consulting network, headquartered in London. With fees of over US$2.74 billion and offices in 108 countries, clients have access to the resources and capabilities to meet their global needs. By combining local expertise and experience with the breadth of our UK and worldwide networks, clients can be confident that, whatever their requirement, Moore Stephens provides the right solution to their local, national and international needs. Contact information If you would like further information on any item within this brochure, or information on our services please contact: Lorraine Bay Partner Head of Financial Services lorraine.bay@moorestephens.com Ian Gardner Partner Governance, Risk & Assurance ian.gardner@moorestephens.com Tim West Partner Governance, Risk & Assurance tim.west@moorestephens.com Steve Williams Partner Governance, Risk & Assurance steve.williams@moorestephens.com Kelly Sheppard Partner External Audit kelly.sheppard@moorestephens.com David Kinsella Associate Director Business Tax david.kinsella@moorestephens.com Andrew Cook Director Corporate Finance andrew.cook@moorestephens.com James Eldridge Director Corporate Simplification james.eldridge@moorestephens.com Andrew Jacobs Director Regulatory Consulting andrew.jacobs@moorestephens.com Mark Hirst Director Business Outsourcing mark.hirst@moorestephens.com Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB T +44 (0) We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS31430 May 2017