The Model Office Blog

The PFS Roadshow and SM&CR

[fa icon="calendar'] Jul 12, 2019 8:59:35 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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Well it’s been a hectic 3 weeks on the road around the UK with the Personal Finance Society (PFS). We have been privileged to meet over 1000 adviser and wealth management business owners and their staff all who are working hard on their business and with their clients and want to learn more about professional practice.

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Key Regulatory Readiness Themes

[fa icon="calendar'] Jul 5, 2019 10:58:39 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 now enjoyed exhibiting and speaking on RegTech at 6 of the 26 Personal Finance Society (PFS) Regional events. They seem to attract high quality delegates from the retail investment advice sector and are extremely well attended throughout each day

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The Science of Compliance

[fa icon="calendar'] Jun 28, 2019 11:13:17 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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One area that has always never failed to amuse me is the saying that the trouble with opinions is everyone has got one!

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FCA Data Bulletin

[fa icon="calendar'] Jun 21, 2019 12:31:46 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

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With the retail investment adviser (RIA) market now under severe scrutiny via the FCA’s accountability regime, their latest Data Bulletin focused on 2018 RMAR driven data analysis across revenues, profitability, number of firms, capital resource, Professional Indemnity Insurance (PII) premiums and advice type and revenue from adviser charges.

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Are You Prepared For A Regulatory Visit

[fa icon="calendar'] Jun 14, 2019 2:17:04 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

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We’ve written extensively about the new FCA accountability regime and with the recent FCA Dear CEO letterto the SIPP market in October last year, it has now emerged, thanks to a Professional Adviser freedom of information request that 11 SIPP firms have been paid a visit.

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Governance Risk and Compliance

[fa icon="calendar'] Jun 7, 2019 10:07:00 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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With Model Office’s recent business trip to Australia in mind, this week we focus on how the new era of accountability within financial services seems to be sweeping through regulatory authorities world wide like wild fire.

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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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