The FCA termed RegTech as “…a subset of FinTech that focuses on technology that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities.” Simply put, RegTech can streamline compliance making it more effective and efficient plus provide tangible benefits such as cost and time savings.
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.
With the new Accountability Regulatory Regime shortly upon us, what is apparent is that Retail Investment Adviser (RIA) firms, no matter how small they are need to ensure they have Human Resource Development (HRD) strategies and resources in place. We are currently running our SM&CR CPD accredited workshops for Intelliflo Regional Users Groups across the UK and the feedback is that some firm’s really need help and support around HRD and its new compliance functionality given the SM&CR.