One thing’s for sure, you’re only as good as the data you hold in your business. Rubbish in, rubbish out is the overused phrase, but it is so true when it comes to this digital age retail investment advisers now find themselves.
The FCA acting chief economist, Robin Finer, in a speech earlier this year, focused on the relationship between consumers, regulators and data – and how this might evolve. In his speech Finer points out that data is everywhere; ‘in our homes, in the news, on our wrists and in our pockets’.
This obviously raises questions as to how the regulator should tackle issues around data and how firms should respond and harvest high quality data and use this to streamline business, offer clients high value and ensure a sustainable professional practice.
Regulation and data When it comes to regulation, there are three key issues to think about when it comes to the value and role of data:
Policymakers and regulators need to understand all three of these areas fully in order to create robust policies.
Your business and data When it comes to business use there are a number of strategies that should be implemented:
At Model Office-MO we are pleased to announce that we are now have our Intelliflo integration at Beta level for data quality health checks. This means the system can run automated checks across all active client data to ensure any duplicated or missing data is identified and can be rectified immediately, this means if you’re operating a client portal, clients will know that you have taken the time to ensure their data is healthy, handled with care and (with more MO streamlined reports coming across client segmentation and product governance, AML and PEP sanctions checks) that you are offering suitable services based on this compliant data.
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