Simplybiz has launched a national support programme to assist financial advisers with the latest data submission request from the Financial Conduct Authority, as the regulator increases its emphasis on a more data-led approach to sector supervision.
The initiative, unveiled this week, is designed to help firms navigate the complexities of the FCA’s recent ‘Information Request under s165 of the Financial Services and Markets Act 2000 – Advisers and Intermediaries Sector’.
The request, issued last week to all firms with advisers engaged in investment activity, forms part of the FCA’s wider ambition to integrate more management information into regulatory oversight.
In response, Simplybiz has rolled out a package of support for its member firms, including a step-by-step guide to the data requirements and regular briefings.
It will also host a virtual ‘Compliance Clinic’ on 24 July at 2pm. Unlike the documentation, which remains exclusive to members, the clinic is open to all advisers and has already received nearly 600 registrations.
Paul Bruns, compliance director at Simplybiz, said that the additional guidance was designed not just to help firms meet regulatory obligations but also to highlight the strategic value of business data.
“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,” said Bruns.
“With a proactive and structured approach, firms can turn data into one of their most powerful tools.”
Bruns added that the support would be provided free of charge and was intended to ensure that firms could complete the FCA request efficiently and accurately on the first attempt. He suggested that the process itself might offer wider benefits for businesses willing to reflect on the insights offered by the data.
“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,” he said.
“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.”
He added that opening the Compliance Clinic to the wider sector was a deliberate move to support best practice across the advice community.
“We 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.”
