During our tour of the UK last year promoting our RegTech platform Model Office, we made it clear that those firms employing the poorly named Robo-Advice solutions really needed to employ research and due diligence on the technology before employing it within their business proposition.
‘We strongly encourage firms and senior management to continue to focus on their conduct and culture and to ensure that good practice becomes embedded throughout their firm' The FCA 5 Conduct Questions April 2018.
The FCA complaints data can read like the opening credits of a disaster movie: LIBOR rate rigging, Long term Care, Payment Protection Insurance miss-selling, product and fund churning, (are you already switching off yet), this results in an industry tarred with a brush that has seemingly painted graffiti all over the Treating Customer Fairly (TCF) principles.
MO® represents an industry first in many ways. Not only is MO® a standalone Artificial Intelligence driven compliance chat bot, but she also offers 24/7 service and her knowledge base is programmed with the very latest from the FCA handbook, their papers plus other directives such as MiFID II, AML 4, SM&CR and the GDPR. Essentially, MO® is now empowered to perform a regulatory audit.