The Model Office Blog

The Open vs Closed Source AI Debate: Which is Right for Your Business?

[fa icon="calendar'] May 14, 2024 10:23:52 AM / by Chris Davies posted in Financial regulation, client engagement, regtech, Risk management, practice management, FCA, advice, compliance, consumer duty, open-source, closed-source

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In the ever-evolving landscape of artificial intelligence (AI), a critical distinction exists between open source and closed source AI. Whilst there is plenty of white noise regarding the pros and cons on AI and digital tools, understanding the open and closed source concepts is pivotal for developers, businesses, and enthusiasts aiming to leverage AI and digital strategies effectively.

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The FCA Advice Boundary and AI

[fa icon="calendar'] Apr 23, 2024 4:04:50 PM / by Chris Davies posted in Financial regulation, client engagement, regtech, Risk management, practice management, FCA, advice, compliance, consumer duty, boundary

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With the FCA stipulating that advice boundary review (along with the Consumer Duty) is its top priority for 2024, firm’s should now engage how tech can enable streamlined advice and support the mass unadvised.  The FCA Discussion Paper 23/5 delves into the nuanced boundary between financial advice and guidance, raising pertinent questions about the application of artificial intelligence (AI) in navigating this complex terrain.

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Navigating the FCA Consumer Duty: Are Firms Delivering on Ongoing Services?

[fa icon="calendar'] Feb 19, 2024 4:02:53 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, client engagement, regtech, Risk management, practice management, FCA, compliance, consumer duty

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The FCA are hitting 2024 ground running with their latest data request to 20 select advise firms. The focus for on-going series means the FCA is adamant firms need to 'walk their talk' when it comes to segmentation, ensuring products and services continually meet client needs and objectives and annual suitability review meetings are conducted if paid for, if they have been paid for and not delivered then firms need to refund this cost!

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Regulatory horizon scanning: A Closer Look at the UK Financial Conduct Authority's 2024 Incoming Regulations

[fa icon="calendar'] Jan 11, 2024 9:28:05 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, client engagement, regtech, Risk management, practice management, FCA, compliance, consumer duty

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As we embark on 2024, the UK financial landscape is poised for transformation, with the Financial Conduct Authority (FCA) leading the way. In this blog post, we'll delve into key regulatory topics proposed by the FCA for the year ahead. For an FCA view on their regulatory pipeline, you can view their Regulatory Initiatives Grid here.

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The FCA's new pro-active approach to supervision

[fa icon="calendar'] Nov 15, 2023 2:56:44 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, client engagement, regtech, Risk management, practice management, FCA, compliance, consumer duty

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In a pivotal move on November 8, 2023, the Financial Conduct Authority (FCA) issued a yet another "Dear CEO" letter this time addressed to wealth managers and stockbrokers, outlining critical Consumer Duty driven directives and expectations. This letter comes at a crucial juncture, signalling a new, proactive ‘targeted, intrusive and assertive’ FCA stance to supervision and oversight. Given the Consumer Duty is now demanding firms take a holistic and data driven approach to evidencing constructive conduct, competence and culture, we are already witnessing financial advice firms receiving unsolicited information requests to gain evidence for;

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A RegTech view on St James's Place move to cancel exit fees

[fa icon="calendar'] Oct 20, 2023 11:37:26 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, client engagement, regtech, Risk management, practice management, FCA, compliance, consumer duty

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While may will view St. James's Place's (SJP) decision to cancel exit fees in response to the Financial Conduct Authority's (FCA) Consumer Duty as long overdue, it's essential to view this move more critically. If we look under a few rocks, there are some interesting perspectives we have come up with as to why SJP (and other industry monoliths) may have made this decision:

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The Consumer Duty and 7 steps to Proof of Value

[fa icon="calendar'] May 12, 2023 10:54:36 AM / by Chris Davies posted in Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Risk management, practice management, FCA, AI, compliance, consumer duty, artificial intelligence

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The latest FCA review of firm’s consumer duty implementation process has highlighted key concerns across a well-used regulatory tool that of proof of value (POV). Given that evidencing fair value across the Duty’s second outcome is highly subjective this was always going to be a big challenge for adviser firms.

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The FCA 2023 - 2024 Business plan

[fa icon="calendar'] Apr 6, 2023 3:36:54 PM / by Chris Davies posted in Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Risk management, practice management, FCA, AI, compliance, consumer duty, artificial intelligence

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The FCA's 2023/2024 business plan outlines three key priorities: protecting consumers, ensuring market integrity, and promoting competition. Let's take a closer look at each of these priorities.

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The Consumer Duty Final Rules and your data

[fa icon="calendar'] Jul 27, 2022 9:35:47 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, consumer duty

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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!

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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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