More than 1,000 financial advisers attended a live event hosted by Simplybiz earlier this week, designed to help firms respond effectively to the Financial Conduct Authority’s Section 165 data request.
The online ‘Compliance Clinic’ was led by policy director Sandy McGregor and head of compliance services James Chapman. It provided practical guidance on how firms should approach the mandatory information request, and offered broader insight into how the process can be used to deepen understanding of internal operations.
A representative from the FCA also took part in the session, fielding questions from delegates during a live Q&A and offering clarity on what the regulator expects from responses.
The event is the latest in a series of compliance-focused briefings from Simplybiz, and was opened up to the wider adviser community rather than just existing members.
Paul Bruns, compliance director at Simplybiz, said the group recognised the need for practical and timely support across the sector as firms tackle the regulatory requirements.
“We opened bookings for our Compliance Clinic to the whole of the adviser community because we understand how important it is for firms to understand not only the practical approach to completing this data request, and others like it, but also how the process can benefit their business more broadly,” he said.
“It was great to see over 1,000 advisers so engaged in getting this submission right first time. Simplybiz is designed to help the adviser community approach regulatory challenges with confidence, and I hope our expert support will lead to better outcomes for delegates and their clients.”
Bruns added that Simplybiz continues to offer wide-ranging support to directly authorised firms, including on-site compliance, file reviews and business consultancy services, as well as help with embedding Consumer Duty requirements and adapting processes in light of the FCA’s retirement income review.
He said: “If firms are looking for support in any areas covered by the survey, including managing vulnerable clients, embedding the Consumer Duty, reviewing processes in light of the retirement income review, and managing ongoing advice reviews – or feel they would benefit from a more general compliance health check –, this is the place to come.”
