Simplybiz has introduced a range of support designed to help its member firms with the preparation and submission of data for the Financial Conduct Authority’s (FCA’s) recent information request (‘Information Request under s165 of the Financial Services and Markets Act 2000 – Advisers and Intermediaries Sector’).
The survey, sent last week by the FCA to all firms with advisers who undertake investment activities, forms part of the regulator’s objective to be ‘data-led’, and information gathered will contribute towards how it supervises and supports the sector.
Simplybiz has released regular communications on the data request, produced a step-by-step guide, and announced a dedicated virtual ‘Compliance Clinic’ event, taking place on the 24th of July from 2pm.
Whilst the documentation is available exclusively to Simplybiz members, the event – which has already attracted nearly 600 bookings – will be open to all advisers and is available to book here.
Paul Bruns (pictured), Simplybiz compliance director, said he believed the completion of the survey and the additional support provided would help firms to understand the value that data of this sort could offer to their business, as well as ensuring they met regulatory requirements as efficiently as possible.
He continued: “Embedding MI of the type requested by the regulator last week into every level of the business helps advisers ensure that decisions are well-informed and gives clear indicators as to whether consumers are receiving good outcomes in line with their financial objectives.
“With a proactive and structured approach, firms can turn data into one of their most powerful tools.”
He added: “We’ve introduced this additional support, at no cost to advisers, to make sure they have all they need to approach the completion of this survey effectively, and to get it right first time.
“This survey is important as it also provides an excellent opportunity for firms to collate important business MI and reflect on what it says about individual businesses and their clients.
“With this support, we are aiming to elevate this exercise into something that offers firms real value and ongoing insight into their business as well as meeting a regulatory requirement.
“We have opened our Compliance Clinic to advisers across the sector as we understand this is an area of interest to the community generally, and are always happy to help advisers add more efficiency and purpose to their processes, allowing them to spend more time with – and deliver better outcomes to – consumers.”
