The Model Office Blog

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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The SMCR and Emotional Intelligence–Model Office-MO Key 5: Your People

[fa icon="calendar'] Nov 24, 2017 4:07:37 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, suitability, FAMR, MiFIDII, SMCR, Data, Systems and controls

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MO’s 5 keys act as your compliance and professional development foundations so you can map and self-audit your journey as a professional practice, to ensure you not only meet the regulatory rules: TCF, KYC, Suitability, MiFIDII, GDPR, SMCR but also benchmark against the FCA papers and good outcomes they covet and also track performance against your peers.

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Building the case for constructive compliance

[fa icon="calendar'] Sep 21, 2017 3:58:00 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, SMCR

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With The FCA now focusing on the implementation of MiFIDII plus with the SMCR and GDPR also on the way, we are now seeing far more focus on transparency, accountability, roles and responsibilities.

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The Senior Managers and Certification Regime

[fa icon="calendar'] Sep 4, 2017 5:06:55 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, SMCR

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‘Culture and governance in financial services and its impact on consumer outcomes is a priority for the FCA. The extension of the Senior Managers and Certification Regime is key to driving forward culture change in firms.’ Jonathan Davidson Exec Director for Supervision for retail authorisations FCA.

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