Fund administrator Ipes has achieved AAF 01/06 accreditation for quality control following a six-month review by Ernst & Young of its U.K. and Channel Islands offices.
The AAF 01/06 accreditation is issued by the Institute of Chartered Accountants for England and Wales (ICAEW) and is similar to SAS 70, which was recently replaced by SSAE 16.
The administrator plans to extend its accreditation to cover its Luxembourg operation.
In an increasingly regulated market, a well regarded third party assurance such as AAF 01/06 will be of importance to the continued success of our business, and it is something that we are now asked about more frequently by existing and prospective clients, says Barry McClay, COO of Ipes.
Steve Spybey, director of Advisory Services for Ernst & Young, says firms are being scrutinized now more than ever. In achieving the accreditation, Ipes joins a select group of independent service providers who have met the standards outlined by the ICAEW.
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