In a recent survey (sent to 20 larger firms) the FCA wanted to know the number of reviews that were scheduled, the number completed, and the number of clients who received a refund when reviews weren’t done on time/were missed.
How did you do? How many refunds has your firm made?
Experienced compliance practitioners know that a sort of virtue signalling rush to refund is counter productive. Throwing money at the problem does not really prove anything – refunds could be an indicator that you made too many mistakes in the first place!
No, you need the data on day one – up front ready to show, and that is where BAT comes into play. A compliance management application that sits on the advisers’ new business book and enables managers to view, extract and collate the data in structured format.