As the festive season envelops us in tinsel and cheer, compliance officers in UK financial services are decking the halls with more than just holly. This year, they're unwrapping AI-powered tools that make regulatory compliance as smooth as a sleigh ride. Let's explore three innovative AI developments that are transforming compliance activities, all with a sprinkle of Christmas spirit.
The Financial Conduct Authority (FCA) has issued its latest directives aimed at financial advisers and investment intermediaries, emphasising the importance of a proactive, data-driven approach to ensure regulatory compliance and deliver better outcomes for clients. This blog outlines the FCA’s Dear CEO letter priorities and how firms can adapt to meet these expectations effectively.
The Financial Conduct Authority (FCA) recently published new guidance on how principal firms should embed new rules to ensure effective oversight of Appointed Representatives (ARs). The updated regulations are designed to address risks in the AR regime, ensuring that consumers are adequately protected and that markets operate with integrity. Given the telephone interviews and questionnaires findings, that there are still significant gaps in oversight, the application for data led strategies and some principal firms are suffering from overconfidence in how well they are implementing these rules, it’s essential to understand these new requirements and how they impact the role of a principal firm.
We were fortunate to present to The Investment Network last week on the future of regulation, covering key themes retail financial advice firms need to factor into their governance, risk and compliance (GRC) activities, against a thematic backdrop of sci-fi films.
Apple has taken a major leap in integrating artificial intelligence into its ecosystem with the upcoming iOS 18, iPadOS, and macOS updates. Here's a rundown of what you can expect:
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.
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.
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!
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.
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;