In this next 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.
The new EU General Data Protection Regulation (GDPR) in Europe, adopted in 2016, will be directly applicable starting on May 25, 2018. GDPR comes with significant changes compared to the Data Protection Directive 95/46/EC involving operational changes in organisations.
With The FCA now focusing on the implementation of MiFIDII plus with the SMCR and GDPR also on the way, we are now seeing far more focus on transparency, accountability, roles and responsibilities.
‘Culture and governance in financial services and its impact on consumer outcomes is a priority for the FCA. The extension of the Senior Managers and Certification Regime is key to driving forward culture change in firms.’ Jonathan Davidson Exec Director for Supervision for retail authorisations FCA.
Treating Customer’s Fairly on Speed? Well with the FCA final implementation rules upon us, the MiFID II requirements are intended to increase disclosure to clients, provide transparency around execution arrangements and order routing decisions, and should facilitate greater investor challenge and scrutiny by clients on the performance of firms acting on their behalf.
The FCA have been busy: there is the HMT/FAMR latest on definition of advice, the Suitability Review report, the latest on Defined Benefit Pension transfers. Elsewhere we have MiFID II implementation guidance, AML and General data Protection Regime - GDPR initiatives.
The Financial Conduct Authority recently released Assessing Suitability Review looked into the suitability of the advice offered by the pensions and investment market, and the quality of disclosure in the sector.
One thing is clear, there is real momentum underway within the retail investment advice market towards more client-centric business models that will make both products and services easy to access, affordable and compliant.
Model Office’s (MO’s) aim is to ensure compliance is no longer considered as a department or business function but rather a corporate state of mind.