Compliance technology firm Model Office has launched an AI-powered client file review platform designed to help mortgage and financial advice firms automate compliance monitoring and improve oversight of regulatory file checking.
The new software integrates directly with adviser CRM and back-office systems to automate client file verification checks and generate real-time compliance dashboards and management information.
The launch comes as firms face growing pressure from the FCA to improve data quality, audit trails and file review standards, particularly following concerns highlighted in the regulator’s TR24/1 review around missing or incorrect client documentation.
Model Office said the system has been designed to help firms move away from reviewing only a small sample of files each year by enabling much wider automated audit coverage across adviser businesses.
AI-POWERED ANALYSIS
The platform combines automated document verification with AI-powered analysis designed to assess document naming conventions, tagging standards and compliance against FCA rules.
Audit functionality is split across client onboarding, pre-sale and post-sale stages, while firms can also add their own bespoke documents and review criteria.
Additional features include AI-generated file scoring, integrated notes and digital audit trails designed to evidence compliance standards and good practice.
The firm said the technology was developed following consultation with clients and participation in the FCA’s AI Lab Supercharged Sandbox programme.
FCA COMPLIANCE
Chris Davies (main picture), founder and director at Model Office, said: “Model Office is fresh out of the FCA AI Lab and our 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 a button.
“Our new automated client file review software does just that, providing full AI empowered automation for firms to run client file audits freely and gain valuable MI to ensure all files, not just a small selection, meet FCA and compliance team expectations.”
