The Model Office Blog

Chris Davies


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Your Data, Your Business, Your Clients

[fa icon="calendar'] Nov 8, 2019 11:21:50 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, HRD

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One thing’s for sure, you’re only as good as the data you hold in your business. Rubbish in, rubbish out is the overused phrase, but it is so true when it comes to this digital age retail investment advisers now find themselves.

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HR and The SM&CR

[fa icon="calendar'] Oct 25, 2019 12:10:34 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, HRD

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With the new Accountability Regulatory Regime shortly upon us, what is apparent is that Retail Investment Adviser (RIA) firms, no matter how small they are need to ensure they have Human Resource Development (HRD) strategies and resources in place. We are currently running our SM&CR CPD accredited workshops for Intelliflo Regional Users Groups across the UK and the feedback is that some firm’s really need help and support around HRD and its new compliance functionality given the SM&CR.

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Pension Transfers and Regulatory Risk

[fa icon="calendar'] Oct 16, 2019 3:44:31 PM / by Chris Davies posted in Financial regulation, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, Pension transfer

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So the FCA have turned up the heat BIG time on pension transfers with their latest publications on transfer advice. The proposals aim to help consumers achieve better value from their pensions and to improve the quality of pension transfer advice.

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59 Days to The SM&CR

[fa icon="calendar'] Oct 11, 2019 10:27:06 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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59 days to go until SM&CR day 9th December 2019. How are you getting on with your planning? Our tables below show you what should be covered and what you’ll need to keep under wraps on an on-going basis.

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Improving advice suitability

[fa icon="calendar'] Oct 4, 2019 10:53:24 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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At the recent Money Marketing Interactive Conference Harrogate The FCA’s Debbie Gupta, Director of Life Insurance and Financial Advice Supervision, gave a speech on improving advice suitability and explored how the suitability of financial advice can be improved.

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Applying Einstein thinking and RegTech

[fa icon="calendar'] Sep 13, 2019 10:44:26 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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Current compliance methods still tend to be reactionary and employ checklists and tick box approaches. This is like driving car through rear mirror and it just creates the same problems, as Einstein said we cannot solve problems with the same thinking used when we created them, so a move away from ‘swivel chair' compliance using disparate, tick box solutions to a joined-up journey requires different thinking which is pro-active and strategic in approach.

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Improve Your Compliance With Automation

[fa icon="calendar'] Aug 30, 2019 11:23:48 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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The FCA Accountability regime (Senior Managers and Certification Regime-SM&CR)brings a need for self-regulation. Senior Managers within Retail Investment Advisers (RIAs) and Wealth Management firms will need to ensure they can prove that they have their finger on the pulse for Governance, Risk and Compliance within their businesses.

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Compliance summer chill and clean

[fa icon="calendar'] Jul 26, 2019 12:12:16 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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It’s hot out there and with summer time here with a bang and we hope you’re keeping cool and on top of business matters. Indeed with holiday season upon us, it’s a great time for wealth manager and adviser firms to employ RegTech allowing them to take a step back and ‘Summer clean’ their business across some key regulatory issues such as Risk management, Data quality and management information (MI):

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The PFS Roadshow and SM&CR

[fa icon="calendar'] Jul 12, 2019 8:59:35 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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Well it’s been a hectic 3 weeks on the road around the UK with the Personal Finance Society (PFS). We have been privileged to meet over 1000 adviser and wealth management business owners and their staff all who are working hard on their business and with their clients and want to learn more about professional practice.

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Key Regulatory Readiness Themes

[fa icon="calendar'] Jul 5, 2019 10:58:39 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, SMCR, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting

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We have now enjoyed exhibiting and speaking on RegTech at 6 of the 26 Personal Finance Society (PFS) Regional events. They seem to attract high quality delegates from the retail investment advice sector and are extremely well attended throughout each day

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