Three steps to the Consumer Duty starting line
United by the principle of ensuring firms do their part to provide a fair and transparent service
United by the principle of ensuring firms do their part to provide a fair and transparent service for clients, regulators around the world have signalled their intent to continue strengthening consumer protections and raising standards further over the next few years.
And between the incoming Consumer Duty, the expansion of the Appointed Representatives regime and the planned harm reduction measures laid out in the FCA’s Consumer Investments Strategy, FCA-regulated firms in particular have a lot of new rules and guidance coming their way.
In fact, one in three businesses polled during the recent Wealth and Asset Management 4.0 research project felt that risk management regulations are likely to increase within the next two years.
So how can firms make sure they’re equipped to deal with these extra responsibilities?
As a FinTech innovator with decades of experience in driving transformation within financial services, Group Chief Commercial Officer Mark Hover knows – perhaps more than anyone – the radical impact that RegTech can have on the efficiency, accuracy and overall standard of your compliance activities.
Here, he explains why there’s never been a better time for firms to make the leap.
New challenges require new solutions
With so many new regulatory changes on the horizon, staying on top of compliance manually can quickly become unmanageable for even the most experienced teams. That’s why more and more businesses are turning to intelligent solutions and advanced technologies to help staff handle the day-to-day realities of maintaining standards.
The latest figures show private banks, retail asset managers and broker-dealer firms are leading the charge for this technological revolution. More than half of these organisations have self-reported to be in the mid-implementation or advanced stages of digital development.
In particular, around 65% say they’re now investing in process automation systems. Meanwhile 52% are pouring resource into smart data and analytics, and 46% are actively exploring tech-powered compliance platforms.
RegTech isn’t just a fad – it’s quickly becoming a must-have in the fast-moving world of financial services.
Optimise your processes from end to end
Firms that have already made the switch have experienced first-hand the revolutionary impact digital transformation can have on both compliance and productivity.
Maybe you’re looking to automating file reviews, which we all know can be admin-heavy and time-consuming. Or, maybe you need a workflow tool to help your teams manage the never-ending to-do list for SMCR, and reduce the risk of accidentally missing a crucial deadline. Perhaps you want to tap into valuable MI so you can manage your processes more effectively and aid supervisory oversight.
Whatever you’re looking for, there’s a whole inventory of smart solutions now raising the bar for what’s possible without increasing the burden on your team.
How can RegTech transform your business?
There’s no two ways about it – file checking has always been a meticulous and labour-intensive process. But it doesn’t have to be this way. Thanks to game-changing solutions, it’s now possible to reduce the resource-hours required for reviewing even the most complex files – without sacrificing accuracy.
Our High-Performance Assurance (HPA) solution, for example, automates some of the most time-consuming file checking tasks. It frees up valuable time for your assurance teams to focus on areas that their expertise is needed most by increasing the number of checks carried out without scaling up human resource. HPA – underpinned by Recordsure‘s AI-driven technology – provides unparalleled transparency, precision and efficiency throughout the project lifecycle.
It also offers comprehensive MI to enhance your audit trail and keep the regulator satisfied without spending hours collating evidence as you work.
Not only does this streamlined workflow allow projects to be completed at remarkable speed, but your budget will stretch further too.