The Model Office Blog

MO® and your new regulatory dashboard

[fa icon="calendar"] Jan 30, 2018 12:46:12 PM / by Chris Davies

With much hype and a small amount of derision, we now await the financial services Pensions Dashboard project, due to deliver its pension aggregated information and transparency services to pension investors by 2019. Its role is to allow investors:

  • Better understanding of likely retirement finances
  • A clearer grasp of the need for financial advice
  • Motivation to increase pension contributions
  • Encourage a pro-active approach to preparing for and managing their retirement

This is all good, but we also need to answer the ‘what next’ question. Ian McKenna’s Money Marketing article ‘The pensions dashboard is heading for disaster’ is a good shot across the bows for those designing the dashboard. There must be access allowed by financial advice professionals to their client’s pension information, otherwise investors will be potentially left in the dark in ensuring they have the support to make right choices going forward.

So it is with compliance. Retail Investment Adviser (RIA) firms are being hit by regulations left right andScreen Shot 2018-01-22 at 13.53.27.png centre. MiFIDII, PRIIPS, Suitability and pension transfer reviews, The GDPR and SMCR are now high on their agenda. So we have designed a solution.

Model Office’s (MO’s) latest upgrade will offer an aggregated regulatory dashboard that pulls
together 
all the firms responses and scores based on all their compliance requirements. The dashboard will be interactive and offer real-time data on how firms are scoring against MO’s 5 keys and MO’s algorithm pulls in steers and strategies to improve compliance performance i.e. MO answers the ‘what next’ question. So In effect this will: 

  1. Provide a balanced scorecard of your compliance journey to date
  2. Encourage engagement in better understanding for how the business is effected by all key regulations 
  3. Provide strategies and guidance to improve performance and professional practice

Added to this, MO® the digital compliance chatbot will be launched soon and sit on the dashboard allowing RIAs to engage and ask all sorts of questions (within reason) about the regulations and their performance, so MO® can then interrogate their scores, the steers, the FCA Handbook and any other web based resource to provide tailored support so firms can move forward with confidence in the ‘regulatory rain’.

The Pensions Dashboard is a great initiative, but like Ian we feel this needs more clout around supporting the continued investment journey through resources such as advice, something MO® will do through her regulatory dashboard for RIA firms challenging compliance journey.

Please click the below icon link to MO's platform and learn more about MO today..

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Topics: Financial regulation, Financial business development, Risk management, client engagement, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot

Chris Davies

Written by Chris Davies

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