The Model Office Blog

The PFS Roadshow and SM&CR

[fa icon="calendar"] Jul 12, 2019 8:59:35 AM / by Chris Davies

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.

Our RegTech presentation has been well received, it’s a relatively new concept to most, but once the benefits are looked at against the need to ensure a holistic approach to compliance, business and people development, firms seem to understand how they can achieve more by using technology as an enabler platform to provide better management information and potentially cut costs and time.

One of the key messages we bring is that RegTech is not a panacea or a silver bullet, but it can provide more accurate data and streamline compliance practice so firms can answer the question ‘Do I really know I am compliant?’

We also focus on the all encompassing Senior Managers and Certification scheme coming through in a few months. Indeed the FCA have published their checklists for solo-regulated firms implementing the SM&CR. They include:

  • identifying Senior Managers and certified staff
  • allocating prescribed responsibilities and preparing statements of responsibility
  • reviewing and amending HR policies to accommodate fitness and propriety checks
  • implementing the regulatory reference regime
  • training staff on the Conduct Rules.

You can find the checklists here.

A word of caution though. At Model Office we do not rely on checklists, indeed anything to do with tickbox compliance is a no go. Our advice is once you check the firm requirements then download our SM&CR Implementation pack which provides 8 guides, reports, case studies and project plan mapping so you can build a balanced approach across all the business functions that come under this regime, to ensure a holistic view is taken. You can request the SM&CR implementation pack here. 

You can view Monday’s webinar on how to implement the SM&CR here

We are also running more webinars and CPD accredited workshops later in Q3 and Q4 to ensure delegates comply by 9thDecember and beyond.

Please click the below icon link to MO®'s #RegTech platform and learn more about MO® today..

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Topics: 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

Chris Davies

Written by Chris Davies

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