The FCA published on the last day of October a review of the advice consolidation market. Their focus on monitoring, due diligence and procedures is startling. Can you identify risk in your business? That seems to be the underlying theme. Of course we can all feel the risks, we live our businesses day to day, and know where the dangers lurk. But regulators want you to articulate and show that to them. If you can’t demonstrate it, it never happened. That is the oldest saying in compliance.
So it was that I built BAT to satisfy this demand for a risk management dashboard. Little did I know ten years ago, that I was alone on this quest. No other firm in the market has anything like the focus on compliance that BAT has.
Why check files manually when AI can do it in seconds? Here is what they say
Good practice? “Groups conducted rigorous due diligence, usually with third party support, which was challenged and understood by decision makers. Such firms evidenced effective risk identification by the acquirer, such as back-book advice liabilities.”
Poor?
Some firms need to improve due diligence, monitoring and resourcing of the process, and ensure they had an ability to adapt processes to the client/staff profile of the acquiring firm. Some groups’ due diligence did not review basic compliance and some due diligence exercises appeared to be ‘tick box’ in nature.
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