The Model Office Blog

The SM&CR and consequences of non-compliance

[fa icon="calendar'] May 17, 2019 11:57:56 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

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Any one heard of the SS Eastland? No, thought not, well this was a ship built in the same guise as the Titanic and suffered MORE passenger deaths due to unintended consequences of regulations. The ship toppled over in Chicago harbor due to the fact it had complied with the Laffollette’s Seaman’s act 1915 and that applied to each ship having enough lifeboats for its passengers. The problem? The increased number made the Eastland top heavy, it rolled to its side killing 844 passengers compared to the Titanic’s 818.

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The SM&CR Unintended consequences

[fa icon="calendar'] Mar 15, 2019 10:51:51 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

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We have written extensively about the SM&CR being the most personally impactful pieces of regulation to hit retail financial services industry in decades, yet what is also apparent is there are some unintended consequences that the industry needs to address and include in their implementation processes.

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2019: The Year of Regulatory Accountability

[fa icon="calendar'] Jan 4, 2019 3:47:09 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, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, BREXIT

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Good King Conduct Christmas Carol

[fa icon="calendar'] Dec 21, 2018 9:43:44 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, BREXIT

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The Good King FCA last looked out

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BREXIT Fray Bentos and Ice Cream Vans

[fa icon="calendar'] Nov 30, 2018 12:15:59 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, BREXIT

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Like you, I get most of my Brexit updates from the @Coldwar_Steve twitter account. Based on this, Boris Johnson is currently panic buying Fray Bentos tins from a reconditioned ice cream van.

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Are you BREXIT ready?

[fa icon="calendar'] Oct 26, 2018 11:33:20 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, BREXIT

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The UK’s exit from the EU will doubtless create challenges for Business owners, Client Relationship owners and Compliance Officers. They all need to understand any changes in order not to fall foul of the regulations after March 2019. The FCA have published two consultation papers, setting out its proposed approach on the UK’s exit from the EU in the event of a ‘hard’ Brexit.

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Really want to move your back office technology?

[fa icon="calendar'] Oct 8, 2018 2:22:03 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, IDD, backoffice

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Open-heart surgery is something one would want to avoid where our own health is concerned. Yet in businesses we seem to be witnessing such when it comes to established firms moving their businesses between technology providers.

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Are you IDD ready?

[fa icon="calendar'] Sep 28, 2018 12:34:20 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting, IDD

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The Insurance Distribution Directive (IDD)concerns the distribution of insurance-based investment products (IBIPs). It also covers firms that assist in the administration and performance of an insurance contract post-sale. It aims to create a level playing field for all those involved in the sale of insurance products. 

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Are the Suitability rules Suitable for the Robo's?

[fa icon="calendar'] Sep 14, 2018 10:46:51 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting

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With The FCA revisiting the implementation of MiFIDII and with the next Suitability review, and SM&CR also on their way, we are now seeing far more focus on disclosure, transparency, accountability and roles and responsibilities.

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What is #RegTech and how can it help your firm?

[fa icon="calendar'] Sep 7, 2018 12:36:39 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, Data, GDPR, Chatbot, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, Modeldrivenmachineexecutablerporting, digital,, Regulatory, Reporting

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The term 'RegTech' was coined in 2015 by the Financial Conduct Authority, which described it as “a sub-set of FinTech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities". 

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