The Model Office Blog

A Christmas Compliance Ghost Story

[fa icon="calendar'] Dec 19, 2019 4:50:33 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, HRD, PII

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The wind rattled the windows and the faint songs of carol singers could be heard as Ebenezer Scrooge huddled in his cold bed clutching a mug of hot water. “Bah Humbug” he exclaimed, “Christmas, a distraction from what is important…money and more money..” he barked to himself.

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Dealing with a hard PII market

[fa icon="calendar'] Dec 6, 2019 10:36:14 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, HRD, PII

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With nearly 300 financial advice firms telling the FCA their professional Indemnity Insurance (PII) cover for claims was non-compliant post the Financial Ombudsman Service (FOS) limit rise from £150,000 to £350,000 and reports of 300%+ increases in PII premiums post FCA DB pension transfer directives means the industry is now facing a real dilemma.

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