The requirement for adviser firms to deliver their first annual Consumer Duty Board report is shortly upon us and award-winning AI RegTech platform Model Office has now launched a new Consumer Duty focused board report that aggregates relevant regulatory data and its action tracker dashboards to provide actions, alters and sign off templates for firms to evidence their validation processes meet all Duty requirements on an annual basis.
This automated report provides an in-depth data and Management Information (MI) for firms to audit their performance against all FCA Consumer Duty regulations, providing automated gap-analysis and also templates for firms to add relevant information on an on-going basis (e.g. policies & procedures, complaints, and poor outcomes resolution). This report pulls data from Model Office and back-office tech to ensure firms can gain real time data and showcase they are a data-driven business, something a data led FCA have stipulated they require.
Key features The Model Office Consumer Duty Board report offers:
• Validation of implementation planning across all Consumer Duty requirements
• Aggregated Model Office and back-office data, segmented across the Consumer Duty regulations to evidence gap-analysis and audit activity
• Representation of the top areas for action across each of the Consumer Duty constituent parts (Governance, Cross-cutting rules, four outcomes, data, and MI).
• Automated alters and calendar integration to ensure actions are completed
• Governance and culture assessment to ensure all staff at all levels have understood and actioned their responsibilities under the Duty
• Monitoring results and recommendations to the board, governing body, and senior management
• Ensuring key areas that could lead to poor outcomes and complaints such as client vulnerability, barriers, poor cost benefit analysis and foreseeable harms are identified, addressed, and evidenced
• Board signoff
Chris Davies Model Office founder and Director said: “Model Office’s mission is to ensure advice firms have all the data and MI they need to evidence they comply with FCA regulations in one place at the click of one button. Our new automated Consumer Duty Board Report does just that, aggregating all relevant MO and back-office data into one strategic report so firms’ boards, governing body and staff can evidence they have addressed gaps, and any remedial activity has been taken and comply with the Duty annually.