What happened?
The FCA has said for some years that it wants to be a data-led regulator. With supervisory attention currently on ongoing-advice services and motor finance, TCC’s Technical Director David Boyhan argues in Money Marketing that now is the time for firms to look closely at how they collate and use their data.
Why does it matter?
Boyhan’s central point is that valuable data does more than help firms meet FCA requirements: it can also help businesses ensure that regular client reviews actually happen as and when they should, reducing the risk of missed or late reviews.
Supporting sources
Frequently asked questions
Why does the FCA care about how firms use data?
The FCA has said it wants to be a data-led regulator, and its current supervisory focus on ongoing-advice services and motor finance makes firms’ data practices more visible.
What benefit does enhanced data capture offer beyond compliance?
It can help firms ensure that regular client reviews happen as and when they should, rather than simply satisfying a regulatory requirement after the fact.
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