The tightening of the regulatory strings has been faster post covid than at any time in the last generation. We have noted before the increase in the number of enquires and compliance checks requested from FCA related sources. My own focus is largely on BAT, as the data held there is used by IFAs to reply to many of these requests, holding centralised data in an easy to access format.
The days of sourcing information locally at adviser level are gone. Adviser leaves and the data disappears – taking with them CPD, T&C and client files. Can you rely on ex advisers serving up the files when requested? A consistent theme of FCA regulation over the last 25 years has been an unease with the decentralised franchise-network model. They repeatedly cite concerns over controls, and FCA have made clear in the last two years that they will no longer tolerate high level autonomy at individual level. But that franchise model isn’t dead, and IFAC are helping several firms to expand fast.
The demand to deliver and receive financial advice is stronger than ever before. And the network model is more coveted for those who can cope with running it. The impact of regulation is centralisation of controls, more power to the directors and the reduction of competition. What’s not to like? If you are ready to expand, are you also ready to be singled out?
Compliance is no longer a challenge but a competitive edge. Find out why with Batsoftware.co.uk