Financial services executive and lawyer Ian McDermott has launched a new law firm and compliance consultancy aimed at providing services to small to medium sized financial services businesses.

Mr McDermott has started imac legal & compliance, he says, because “It is nearly impossible for smaller financial services businesses to keep up with all the regulatory changes and requirements let alone comply with all the obligations.”

“The amount of change in financial services has been unprecedented. I really empathise with smaller financial services businesses trying to do the right thing and navigate their way through the maze of obligations,” he said.

“It is really important for SMEs to have access to quality lawyers and compliance consultants who have experience in their sorts of businesses, to provide guidance and answers.

In our experience, not many lawyers have practical experience running compliance programs as compliance managers and not many compliance managers are lawyers experienced in advising financial services businesses. But this is exactly the bridge imac legal & compliance straddles,” said Mr McDermott.

“At imac legal & compliance we pride ourselves on our practical understanding of our clients’ business and issues affecting them. We have not only acted as external legal counsel and advisers but also worked in senior in-house positions implementing FSR, FOFA, NCCP, TASA and other compliance requirements,” he said.

Prior to launching imac legal & compliance, Mr McDermott was Senior Legal Counsel and headed up Australian Unity Personal Financial Services’ risk and compliance team. Regarded as a FOFA expert, Mr McDermott was brought into AUPFS to implement FOFA and facilitate growth of the business.

AUPFS is a dealer group providing financial planning, risk advice, corporate super, mortgage and finance broking, general insurance sales and broking.


Source: imaclegal & compliance

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