The Model Office Blog

The Consumer Duty and 7 steps to Proof of Value

[fa icon="calendar'] May 12, 2023 10:54:36 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Risk management, practice management, FCA, AI, compliance, consumer duty, artificial intelligence

[fa icon="comment"] 0 Comments

The latest FCA review of firm’s consumer duty implementation process has highlighted key concerns across a well-used regulatory tool that of proof of value (POV). Given that evidencing fair value across the Duty’s second outcome is highly subjective this was always going to be a big challenge for adviser firms.

Read More [fa icon="long-arrow-right"]

The FCA 2023 - 2024 Business plan

[fa icon="calendar'] Apr 6, 2023 3:36:54 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Risk management, practice management, FCA, AI, compliance, consumer duty, artificial intelligence

[fa icon="comment"] 0 Comments

The FCA's 2023/2024 business plan outlines three key priorities: protecting consumers, ensuring market integrity, and promoting competition. Let's take a closer look at each of these priorities.

Read More [fa icon="long-arrow-right"]

What is generative AI?

[fa icon="calendar'] Mar 8, 2023 8:47:11 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, AI, artificial intelligence

[fa icon="comment"] 0 Comments

Artificial Intelligence (AI) has come a long way in the past few decades. Today, AI is capable of performing a wide range of tasks, from recognizing objects in images and translating languages to playing games and driving cars. However, one of the most exciting and rapidly developing areas of AI is generative AI, which aims to create new content, rather than simply analysing or recognising existing content.

Read More [fa icon="long-arrow-right"]

Does Artificial Intelligence (AI) really exist in retail financial services? Discuss

[fa icon="calendar'] Sep 17, 2021 9:17:49 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, AI, GRC, governance, compliance

[fa icon="comment"] 0 Comments

This is a topic that often comes up across social media and conferences that focus on FinTech developments within retail financial services industry. There is no doubt with the fast growing digital ‘fourth revolution’, we are witnessing rapid build and deployment of tech throughout industry products and services.

Read More [fa icon="long-arrow-right"]

Governance, Risk and Compliance (GRC) and Technology’s Role in the ‘Three Lines of Defence’

[fa icon="calendar'] Aug 12, 2021 9:30:40 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, MiFIDII, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, AI, GRC, governance, compliance

[fa icon="comment"] 0 Comments

Let’s start with the top three challenges firm’s face when it comes to GRC management.

Read More [fa icon="long-arrow-right"]

Why RegTech data matters

[fa icon="calendar'] Jun 25, 2021 10:45:02 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, resilience, cyberrisk

[fa icon="comment"] 0 Comments

We currently have a festival of football with the UEFA European Championship, and you can be assured that each national team coach will be using data analytics to assess their own and opposition teams and players strengths, weaknesses and winning formations.

Read More [fa icon="long-arrow-right"]

The FCA RegData and Digital Regulatory Reporting

[fa icon="calendar'] Jun 11, 2021 10:59:11 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, resilience, cyberrisk

[fa icon="comment"] 0 Comments

As of May 2021, RegData completely replaced Gabriel as the FCA’s platform for data collection after a lengthy roll-out to 52,000 firms and 120,000 users. Firms and their users were moved to RegData in groups, based on their reporting requirements.

Read More [fa icon="long-arrow-right"]

The FCA Consumer Duty

[fa icon="calendar'] May 27, 2021 4:37:12 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, resilience, cyberrisk

[fa icon="comment"] 0 Comments

The FCA first published their duty of care paper in July 2018. Two years on it is now consulting on introducing a new consumer duty. This consultation ties in with the new FCA ‘outcomes’ focused principles based framework and is open until 31st July 2021 and following section 29 of the financial service act 2021, should be introduced by 1st August 2022.

Read More [fa icon="long-arrow-right"]

Fish cannot see water

[fa icon="calendar'] May 21, 2021 9:42:19 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, resilience, cyberrisk

[fa icon="comment"] 0 Comments

With Daniel Kahneman’s co-authored latest book, ‘Noise’, we have another instalment for the case of behavioural science in decision making.

Read More [fa icon="long-arrow-right"]

Remote working and the compliance challenge

[fa icon="calendar'] Apr 23, 2021 10:16:12 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, resilience, cyberrisk, levies

[fa icon="comment"] 0 Comments

Enforcing regulatory compliance can be enough of a challenge when your workforce is in the office. When they are dispersed, how can you be sure that your marketing and communications collateral adheres to FCA rules?

Read More [fa icon="long-arrow-right"]

Subscribe to Email Updates

Recent Posts