So, the final rules are here and not much has really changed other than the implementation period has been extended slight for live business to July 31st, 2023, and closed book business has until 31st July 2024. Plus (wait for it) firms need to be up and running on their implementation by October ’22! Although any extension is welcome, it’s not long enough in my opinion given the ramifications this all-encompassing regulatory directive brings. Think Operational Resilience which has an implementation and transitional period totalling four years!
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.
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.
Introduction: We publish our GDPR Unwrapped guide shortly, one key area covered is the GDPR adds new layers of data protection onto the existing Data Protection Act (DPA). One of the key areas that need focus are the client documents your firm has in place with your clients. These could be:
With much hype and a small amount of derision, we now await the financial services Pensions Dashboard project, due to deliver its pension aggregated information and transparency services to pension investors by 2019. Its role is to allow investors:
With The FCA now focusing on the implementation of MiFIDII and with the SMCR and GDPR also on the way, we are now seeing far more focus on disclosure, transparency, accountability, roles and responsibilities.
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.
We now move to our 4th blog in our series on our #RegTech platform Model Office – MO and the 5 keys our research has found are crucial in building a compliant, client-centric and sustainable professional practice. Click here sign up for our weekly blogs.
This is our 3rd blog across Model Office’s (MO’s) 5 keys and we now focus on your service proposition that MO classes as ‘Your Promise’ that you are making to meet your on-going clients needs.
In this suite of blogs we’re covering our digital compliance and business development platform Model Office (MO)’s 5 keys that form the foundations for MO’s #RegTech platform and ensures any retail investment adviser (RIA)/planner firm remain compliant, client-centric and sustainable in their professional development journey.