The Model Office Blog

The FCA's new era of accountability and 5 conduct risk questions

[fa icon="calendar'] Jul 3, 2018 5:58:15 PM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability

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Terminology is everything we hear, as the financial services industry seems to enjoy loading up on acronyms and jargon for simple processes. Just think of AER, CREST, Dematerialisation, Dirty price, FRNS, HICP – I could go on, so since the RDR (another one) we have been called to the transparency table. So where pricing and charges are concerned, for example, we have a need for clear and unambiguous charging delivered in simple terms.

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The Luddite fallacy and the rise of Artificial Intelligence in Retail Financial Services

[fa icon="calendar'] Jun 15, 2018 2:19:44 PM / by Chris Davies posted in Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, AI, Luddite

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‘The luddites destroy the robots’ may make an attention grabbing headline, yet with all the hype around job losses caused by machine learning and Artificial Intelligence (AI) we need to gain some perspective on where we’re at and where we’re heading.

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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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