August 2022 - Recordsure

August 20, 2022

Recordsure and TCC joined forces to further investigate the outcome of the Wealth and Asset Management 4.0 global study.

The extensive study, led by ThoughtLab, highlighted accelerated shifts across generations and wealth levels. The wealth sector is defined by a more socially aware investor and digital-first marketplace shaped by rising competition, regulatory pressures and economic uncertainty.

As we examine the key findings of this study, it’s time for wealth management firms to address the latest trends and consider future approaches to client offering and services.

To learn more about the study results and latest trends, download the full-length study eBook.

Join our panel of experts as they discuss the latest trends and share their insights, expertise and advice on the next steps available to wealth management firms, and to respond to the changing market landscape and investor expectations.

What we discussed

Shift to digital and operational excellence

The disruption to traditional face-to-face interactions between investors and advisors has led to fundamental and permanent changes in the Wealth and Asset Management industry.

Ethics and relationships

The investor-advisor relationship is the most valuable asset for wealth management firms; trust is built on transparency and fair treatment.

Higher standards through regulation

It’s time for firms to proactively address regulatory compliance and conduct as a part of the business design.

Meet the experts

Emma Parry

Independent Senior Advisor, Conduct Risk & Culture

Emma is an independent senior advisor partnering with financial services clients to address conduct risk and culture gaps. Emma has worked in a broad range of roles across investment and wholesale banking, including roles at HSBC, JPMorgan Chase, Citibank and as a management consultant at Deloitte Consulting.

Most recently, she led Product Governance and Conduct at HSBC in a role spanning Global Banking and Markets. Emma is an independent senior advisor partnering with financial services clients to address conduct risk and culture gaps. Emma has worked in a broad range of roles across investment and wholesale banking including roles at HSBC, JPMorgan Chase, Citibank and as a management consultant at Deloitte Consulting. Most recently, she led Product Governance and Conduct at HSBC in a role spanning Global Banking and Markets.

Having witnessed some of the detrimental impacts of misconduct in the industry has led Emma to her passion for working with clients to build and strengthen their conduct and culture frameworks and drive greater awareness and adoption of RegTech solutions.

Emma works with firms throughout the financial services eco-system – from banks to RegTechs and FinTechs. She is also currently working as an expert witness on a conduct risk court case.

Sabrina Del Prete

Founder & CEO, Kore Labs

Sabrina is the founder and CEO of Kore, a Financial Technology company based in London. She has over 25 years’ experience in financial markets, business transformation and the application of new technologies in banking.

Throughout her career, Sabrina has held senior roles at JP Morgan, Chase, Barclays, Coutts and RBS. She is actively involved in the entrepreneurial and FinTech community, both as a strategic adviser and investor. She currently sits on the Board of Governors of the London Institute of Banking and Finance.

Sabrina holds a Masters in Finance from the London Business School and a degree in Business and Economics from the University of Turin. She has won a number of innovation awards for her work, and she has been included in the Timetric Power 50 list of the most influential digital innovators in Europe.

Ian Ewart

Board Advisor, FinTech & Financial Services

Ian is a highly accomplished Board Advisor for FinTech and financial services firms, possessing a diverse range of specialisms, including business, commercial and relationship development, marketing and sales. He is currently active with risk and controls data firm Acin as Commercial Relationship Development Advisor, alongside advisory roles FinTech provider Kore Labs and with online brand managers Yext.

Ian has held senior positions at several of the world’s most prominent banking firms. He has an especially keen interest in data analytics, in addition to operational risk and product management. His previous roles include a Managing Directorship at wealth management firm Coutts, where he was Head of Products, Services and Marketing and served on the Executive Committee and Head of Marketing & Communications at both HSBC and Barclays Wealth Management.

Lou Celi

CEO, ThoughtLab and Director of Wealth & Asset Management 4.0

Lou is the Founder and CEO of ThoughtLab, possessing nearly 40 years of experience as a corporate leader, author, speaker, entrepreneur, and consultant. During that time, he has helped top organisations build their business with corporate and government decision makers.  A pioneer in evidence-based thought leadership, Lou has led a broad range of research initiatives on the digital transformation of cities, industries, companies, and management practices.

Before setting up ThoughtLab, Lou was Board Director and President of Oxford Economics, where he built the firm’s successful business in the Americas. He was also Managing Director and publisher at the Economist Intelligence Unit (EIU). Lou established the firm’s global thought leadership activities and created a portfolio of web-based decision-support services. He also ran electronic publishing at The Economist Group and led the company’s transformation into a digital media business. He started his career at Business International, where he served as senior vice president and regional manager, Americas, and hired Barack Obama as a researcher in 1984.

Lou is the author of numerous books and reports, including Financial Innovation, Competing in the Digital Age, Global Cash Management, and Wealth and Asset Management 2021. His work has been featured in many publications, including the Financial Times, Wall Street Journal, Forbes, The Economist, Axios, and POLITICO.

Olivia Fahy

Senior Product Manager, Recordsure & ex-FCA Culture Associate

Olivia joined TCC from the FCA’s Culture Team within Supervision, having spent over four successful years developing and leading its Transforming Culture initiative. Leveraging this unique insight into the regulator’s culture agenda, Olivia spearheads TCC’s culture division and our intelligent culture analytics solution.

During Olivia’s tenure at the FCA, she engaged directly with financial services firms, helping to embed healthy, sustainable cultures across the industry, including leading CultureSprints, webinars and roundtables, and the publication of the FCA’s Transforming Culture Discussion Papers.

Before this, Olivia spent several years at the Financial Ombudsman Service, liaising with stakeholders to resolve high-profile policy issues. She holds an MSc in Financial Regulation from Henley Business School.

Joe Norburn

Group CEO, TCC & Recordsure

Joe is Group CEO of TCC and Recordsure. With more than two decades’ experience in financial services, Joe brings with him extensive insight into the challenges and changing needs of the sector, with a proven track record of helping businesses innovate and remain relevant in a rapidly evolving marketplace. He has held senior roles within large banking groups and in the companies that serve and partner with them and acted as an advisor to several early and growth-stage businesses.

Before joining Recordsure in 2018, Joe was Managing Director and Executive Committee member at Private Bank Coutts, with a diverse remit that covered the areas of Digital, Innovation, Business Development, Client Experience and Learning & Development. He previously served as Executive Adviser to culture analytics technology firm Temporall, where he was heavily involved in business and marketing strategy optimisation.

What's on the horizon for the wealth industry in 2022 and beyond?

The Wealth and Asset Management 4.0 global study outlined changing trends and investor expectations… what’s next for wealth firms?

Watch the full webinar below:

August 17, 2022

Extensive speculation about the final rules for the Financial Conduct Authority (FCA)’s new Consumer Duty has been bubbling across the sector for months. With the FCA’s plans now confirmed, there are important dates for regulated businesses to not only note, but act by too, with the first being just weeks away.

Through the Consumer Duty, the FCA is fortifying its commitment to becoming a more assertive and data-led regulator. By 31^st October 2022, it has stipulated that its members’ boards (or equivalent) must have an agreed implementation plan in place detailing how they’ll meet the Consumer Duty’s fundamental principles, with improving customer outcomes at its core.

Nine months later, on 31 July 2023, the Consumer Duty rules will come into force for new and existing products or services. A year later, these same rules will apply to firms’ closed products and services.

Consumer Duty compliance: firms will need to step up their oversight strategy

With this swift and challenging timeline looming, the responsibility for firms to become wholly compliant whilst embracing higher and clearer standards of consumer protection can seem overwhelming.

EY found in a recent poll that nearly 90% of UK firms said Consumer Duty compliance was a top regulatory priority. However, 80% of respondents were concerned about how they can sufficiently evidence good outcomes.

So, what does the Consumer Duty mean for QA teams, and what practical steps can firms take to get ready?

Businesses will be mandated to actively work to ensure their customers achieve positive results from their services. Fair treatment for all is a consistent thread that flows through the Duty’s three new Cross-Cutting Rules:

1. Act in good faith towards retail customers
2. Take reasonable steps to avoid causing foreseeable harm to retail customers
3. Take reasonable steps to enable and support retail customers to pursue their financial objectives

Firms will be expected to demonstrate these rules across four key outcomes: customer understanding, products and services, customer support and price and value.

Simply put, it’ll be as important to encourage positive customer outcomes as it is to eliminate negative ones.

Olivia Fahy, Senior Product Manager at Recordsure, explains:

“The Consumer Duty is top of the agenda for many FCA regulated firms, as the recent EY poll suggests. With just over ten-weeks until boards will need to agree their implementation plans and maintain oversight of their delivery, it’s an opportune time for businesses to consider how RegTech can help them achieve Consumer Duty compliance and deliver on the Duty’s outcomes.

“The interactions that take place in customer conversations are where many of the risks lie in creating consumer harm, leading to poor outcomes, making post-conversation QA a crucial area of focus for firms to consider under the new Consumer Duty. The FCA has made clear that it wants firms to innovate in the interests of their customers, so rethinking outdated operational practices to eliminate risk and deliver better outcomes is of paramount importance.

“To meet the high standards of the Consumer Duty, firms can either invest in more people, or invest in tech to create efficiencies that enable their people to spend their time more productively on what matters – ensuring great customer outcomes.

To meet the high standards of the Consumer Duty, firms can either invest in more people, or invest in tech to create efficiencies that enable their people to spend their time more productively on what matters.
Olivia Fahy, Senior Product Manager, Recordsure

“Using Artificial Intelligence (AI) powered tools such as Recordsure’s ConversationReviewAI for post-conversation compliance reviews provides firms with the ability to move away from random sampling c.5% of their customer interactions to a targeted, risk-based approach to QA, helping drive improved controls, oversight and automation.

“The FCA is moving towards a ‘show me, don’t tell me’ approach meaning supervisors will want to see evidence of how firms are monitoring and reviewing customer outcomes. QA teams can futureproof their operations and compliance with the introduction of post-conversation Compliance Analytics.”

Free resource for Consumer Duty compliance

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