Tracking the essential evidence for your ongoing advice reviews

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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.

Common questions

With this in mind, and in conjunction with our sister company TCC, we’re seeing some frequently asked questions from financial advisers on this topic:

  • When do I need to complete my annual reviews by?
  • What does a good review look like and how do I evidence this?
  • When do I need to consider paying a refund or switching off fees?
  • If I opt to refund, how much should I refund?
  • Ultimately, how do I demonstrate the service is delivering value?

 

As it’s anticipated ongoing advice will be a key regulatory focus for some time, in conjunction with the regulatory experts at TCC, we’ve considered these common questions and compiled seven critical topics for ongoing service providers to take stock of.

Read them all by downloading ‘An expert guide: Understanding regulatory standards to deliver compliant ongoing advice reviews’.

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 AI 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: ReviewAI processed 1m+ years of ongoing service fees, 90m documents and checked £4bn service fees​ .

By integrating Recordsure AI into your workflow, you can relax knowing that seamless background checks are in place, and you’ll be alerted if there are any advice gaps that need your attention.

Download ‘An expert guide: Understanding regulatory standards to deliver compliant ongoing advice reviews’ to find out more.


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