Assessing vulnerability: How can firms help mitigate risks of DIY SIPPs?
The role of AI and innovation in Consumer Duty’s future The Consumer Duty
The Consumer Duty is the start of a new evidence-based, outcome focussed era of regulation. And with the 31st of July deadline fast approaching, firms face the challenge of monitoring and evidencing their compliance to the four main outcomes.
In many of the FCA’s recent communications, they’ve provided further guidance on how firms should comply with the Consumer Duty – and often spotlight the significant role that technology and Artificial Intelligence can play. Those firms that embrace RegTech solutions can switch to a more efficient, more sustainable way of working to ensure a compliant future, whilst demonstrating to the regulator and clients their commitment to delivering good customer outcomes.
So how can RegTech help Wealth Management firms achieve consistency in evidencing outcomes in a more effective manner, without increasing costs?
Unique AI-driven RegTech tools like ReviewAI from our technology partner Recordsure can help firms review more files at a reduced cost, by bringing together smart people and smart technology.
ReviewAI assesses and risk scores customer interactions to direct reviewers to the files most in need of review, increasing the efficiency and effectiveness of the case review process. Detailed MI output enables identification of thematic trends and supports evidencing of consumer outcomes.
Ahead of the Consumer Duty launch, our advisory experts have been busy helping clients to review and validate their Consumer Duty plans – and it’s no surprise that standardising suitability reporting is high on the agenda.
Common themes include:
RegTech which provides 100% oversight of customer data is well-positioned to help firms deliver a consistent review of customer interactions with the certainty that AI delivers unvarying results. These tools also help uncover thematic trends and provide valuable insights to target interventions for Training and Competence teams.
This revolutionary approach allows Wealth Managers to achieve operational efficiencies without increasing costs, resource and time. By utilising smart AI RegTech tools, firms can take away some of the more low-skilled aspects of reviews and free up skilled reviewers’ time to focus on Consumer Duty specific outcome testing.
TCC’s solution to address the pressing challenges of the new Consumer Duty is built on a unique combination of smart people and smart tech. We unite regulatory expertise with state-of-the-art AI technologies, to offer intelligent insights and MI. Our Intelligent Compliance approach to solving regulatory challenges allows us – and our clients – to be more effective in what we do.
Discover how our combination of smart people and smart technologies can help your firm manage and deliver Consumer Duty outcomes in a more efficient and effective manner. Get in touch.