Summary
What this article covers in 30 seconds
- The FCA’s supervisory style is described as “show me, don’t tell me”.
- Practice management systems may show a review occurred but not whether all documentation is in place.
- Advisers are asking how to evidence reviews, refunds, fees and delivered value.
- Recordsure technology is positioned as a way to track evidence and identify advice gaps.
With its “show me, don’t tell me” approach, the regulator can ask for detailed information and data from firms at a moment’s notice. Therefore, boards should regularly check the data to ensure it covers all compliance aspects and shows positive customer outcomes.
The importance of data
In particular, ongoing advice services is currently a hot regulatory topic. Even firms with a stellar track record in service reviews find it tricky to back this up with solid evidence and data. While practice management systems might show a review is done, confirming the necessary documentation is often not so simple. As we wait for more guidance from the FCA on best practice for ongoing advice reviews, many firms are wondering what proactive steps they should be taking right now.
As it’s anticipated ongoing advice will be a key regulatory focus for some time, in conjunction with the regulatory experts at TCC, Recordsure has considered these common questions and compiled seven critical topics for ongoing service providers to take stock of.
Tracking the evidence
Keeping track that the right evidence is stored for your assets under advice clients will be an integral spoke in the regulatory wheel, and so it’s a critical time to put this into practice.
And that’s where the Recordsure technology solution can help. Continually enhanced over its 13 years on the market, our solution has satisfied regulators in the UK and Australia for large scale remediation projects such as: Document Intelligence processed 1m+ years of ongoing service fees, 90m documents and checked £4bn service fees .
By integrating Recordsure technology into your workflow, you can relax knowing that smooth background checks are in place, and you’ll be alerted if there are any advice gaps that need your attention.
Frequently asked questions
Firms need solid evidence and data, because practice management systems may show a review was completed without confirming that all necessary documentation is in place.
No threshold is given here. Recordsure and TCC identify refunds and fee switching as common questions for financial advisers, with the expert guide covering further topics for ongoing service providers to consider.
Firms need evidence and data that covers compliance aspects and shows positive customer outcomes.
Document Intelligence processed 1m+ years of ongoing service fees, 90m documents and checked £4bn service fees.