FCA cannot perform lots of on-site visits right now, but they are requesting LOTS of data and firms that do not produce MI, analyse it and act upon what it tells them will be caught in the snares.
AI is changing the way the FCA regulate.
Firms may also note that the FCA new digital hub in Leeds has just recruited over 75 data scientists. source
“We plan to invest more into these technologies to proactively monitor markets, including for market surveillance purposes.”
Analytics on steroids!
Anyone who’s attended an FCA Live and Local event will be able to tell you this.
The FCA keep hammering home the message that firms need meaningful MI and that they need to act upon what this tells them.
“Inaccurate or inadequate management information were found in 13 of the 24 advice registers submitted. In several instances, the registers were so inaccurate that the advice scenario for files they received did not match what was recorded.” (source, TR24/1)
How will you cope when the FCA email hits the SMF16’s inbox, with 10 days to respond?
And if there is one thing from this paper that BAT can solve, it is data.
BAT – THE FUTURE OF COMPLIANCE, POWERED BY AI