Case Studies

Management accounts and FSA returns managed for a financial derivatives business

Unusual business becomes valued client

FD Solutions has been working with the founders of Freight Investor Services Ltd (FIS), a Cannon Street-based financial derivatives company, brokering dry cargo Forward Freight Agreement deals. These deals allow ship owners and ship users to hedge against changes in the cost of shipping, either short term or several years in advance.

Shipping owners and users are FIS’s main customers, but increasingly trading companies with no specific shipping exposure are coming into the market with a view to taking advantage of market volatility.

Client carves out a niche

Headed by John Banaszkiewicz and Andy Lucey, FIS has been trading since 2002 and has already established a significant share of its chosen niche in the market.

Auditors introduce FD Solutions

Auditors BDO Stoy Hayward approached our Client Finance Director when it became clear that the accounts needed to be taken in-house, having previously been serviced remotely by another firm of accountants. The previous arrangements did not provide the company with either the financial control or the quality of management information needed by this expanding company.

Bookkeeping and accounting

The solution we proposed to FIS was that with bookkeeping assistance arranged by us, we provided full on-site accounting with payments fully under the control of the directors. We managed the payroll, management accounting and annual reporting, leaving John and Andy free to concentrate on developing FIS to its maximum potential. FD Solutions produces timely management accounts, in a format that gives the required information to John and Andy and enables them to better plan the company’s future.

FSA returns and regulatory issues

We liaised regularly with BDO on quarterly submissions to the FSA and other regulatory issues, and have built up an understanding of the regulatory requirements of the financial services sector.