The Model Office Blog

Chris Davies


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The FCA business plan 2022/23 and your data, data, data

[fa icon="calendar'] Apr 20, 2022 10:56:00 AM / 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, FCA, Analytics

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When they are not on strike, the FCA are producing promising work. Their new business plan and focus on metrics and outcomes is a case in point. This business plan takes a new form in that it is hosted digitally on a webpage which provides hyperlinks to other relevant resources such as their three-year strategy and excellent Regulatory Initiatives Grid.

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Improving the Appointed Representatives Regime Consultation Paper CP21/34 and the need for #RegTech

[fa icon="calendar'] Jan 21, 2022 10:02:22 AM / 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, appointedrepresentatives

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With the latest FCA consultation paper for improving regulatory oversight of the Appointed Representative Regime, without a cohesive, coordinated approach, Principle firms governance, risk and compliance (GRC) systems and control audit resources may not be deployed effectively and significant risks maybe missed. This can lead to mis communications and dysfunctions within the Principal firm internal GRC practice, poor reporting, market risk and poor consumer outcomes across AR activities. With the FCA’s new proposals, based on a background of poor consumer outcomes at the hands of ARs, Principals and their ARs now need to employ RegTech to gain clear and accurate data analytics across all activities to ensure they comply in order they can continue to compete. This blog looks at the key themes and how RegTech can support Principal firms and their ARs.

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5 Regulatory challenges for 2022 and how RegTech can help

[fa icon="calendar'] Jan 5, 2022 3:45:00 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, MiFIDII, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, GRC, governance, compliance, ESG, appointed representative, consumer duty

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As we enter a new year, it provides us with an opportunity to review the past years activities and look ahead at what is to come. Indeed January is named after the Roman god Janus, who had two faces so he could see the past and future. What Janus may have told us from a regulatory perxpective.is the FCA are 'one one' with their future vision and learning from the past when it comes to firms regulation data and compliance analytics.

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ESG: A green light for going green

[fa icon="calendar'] Nov 11, 2021 4:22:50 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, MiFIDII, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, GRC, governance, compliance, ESG

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The ongoing focus on Environmental, Social and Governance (ESG) investment highlights the financial services industry's ongoing instrumental role in the transition to net-zero, through its ability to mobilise capital and engage with investors, companies and citizens.

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Does Artificial Intelligence (AI) really exist in retail financial services? Discuss

[fa icon="calendar'] Sep 17, 2021 9:17:49 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, AI, GRC, governance, compliance

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This is a topic that often comes up across social media and conferences that focus on FinTech developments within retail financial services industry. There is no doubt with the fast growing digital ‘fourth revolution’, we are witnessing rapid build and deployment of tech throughout industry products and services.

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Governance, Risk and Compliance (GRC) and Technology’s Role in the ‘Three Lines of Defence’

[fa icon="calendar'] Aug 12, 2021 9:30:40 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, MiFIDII, Data, GDPR, Culture, Enforcement, supervision, audit, Conduct, auto advice, streamlined advice, AI, GRC, governance, compliance

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Let’s start with the top three challenges firm’s face when it comes to GRC management.

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Why RegTech data matters

[fa icon="calendar'] Jun 25, 2021 10:45:02 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, resilience, cyberrisk

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We currently have a festival of football with the UEFA European Championship, and you can be assured that each national team coach will be using data analytics to assess their own and opposition teams and players strengths, weaknesses and winning formations.

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The FCA RegData and Digital Regulatory Reporting

[fa icon="calendar'] Jun 11, 2021 10:59:11 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, resilience, cyberrisk

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As of May 2021, RegData completely replaced Gabriel as the FCA’s platform for data collection after a lengthy roll-out to 52,000 firms and 120,000 users. Firms and their users were moved to RegData in groups, based on their reporting requirements.

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The FCA Consumer Duty

[fa icon="calendar'] May 27, 2021 4:37:12 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, resilience, cyberrisk

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The FCA first published their duty of care paper in July 2018. Two years on it is now consulting on introducing a new consumer duty. This consultation ties in with the new FCA ‘outcomes’ focused principles based framework and is open until 31st July 2021 and following section 29 of the financial service act 2021, should be introduced by 1st August 2022.

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Fish cannot see water

[fa icon="calendar'] May 21, 2021 9:42:19 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, resilience, cyberrisk

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With Daniel Kahneman’s co-authored latest book, ‘Noise’, we have another instalment for the case of behavioural science in decision making.

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