The Model Office Blog

Unconscious bias and suitability conundrum

[fa icon="calendar'] Jun 1, 2018 9:47:02 AM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice

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When Starbucks closes 8000 stores across the USA, you know there’s a problem. It was reported that due to staff’s unconscious racial bias two men were asked to leave and then arrested for ‘loitering’ in a Starbucks café when all they wanted was to buy a cup.

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The FCA Streamlined Slap for Robo's

[fa icon="calendar'] May 23, 2018 10:23:55 AM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice

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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.

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Accountability, Fines or Prison: Your Choice

[fa icon="calendar'] May 11, 2018 3:16:53 PM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit, Conduct

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‘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. 

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The FCA Complaints data, TCF and #RegTech

[fa icon="calendar'] May 2, 2018 1:43:30 PM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit

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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.

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What's New with MO® Compliance Chat?

[fa icon="calendar'] Apr 18, 2018 8:07:23 PM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, FCAbusinessplan, audit

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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. 

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