Menu
Knowledge is Power

Management information is important. Rather than consider it as ‘something else the FCA expects of us‘ consider it to be excellent business practice.

All businesses need good MI, but it is only good if it is relevant and is analysed. Back office systems have not caught up in this respect and some of the traditional MI and KPI, like persistency and provider spread, are of less relevance in today’s industry.

You should therefore decide what is relevant to your firm and implement systems for capturing the information, for producing meaningful output and for analysing it.

Don’t forget to check Our View about this article and the Actions Required By You

Knowledge is Power

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

As Phil Dunphy of Modern Family puts it “Success is 1% inspiration, 99% perspiration and 2% attention to detail”.

A common objection that we hear is ‘I know what goes on in my business. I don’t need reports to tell me‘.

Our experience points to the contrary. Firms often think they know, but can’t be certain. All information is good information and the analysis of business data and attention to detail is one of the cornerstones of good business practice and effective risk management. Without it, you will always, to an extent, be guessing what goes on in your business.

Action Required By You

The importance that the FCA lends to this topic can be seen from the toolkit resource available on their website here. Further information for sole traders is available here.

Very importantly, don’t just produce the reports – analyse them and act on the information.

ATEB has developed a comprehensive MI ‘hit list’; ATEB clients should discuss this with their consultant.

SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

New Capital Resource Requirements – ATEB’s Final Warning!

Compliance , , ,

We thought it would be prudent to send one final reminder regarding the change to the Capital Resource Requirements that come into force 31/12/13. 

Read More
Dark_wall_just_ateb_signage

Consumer Credit Licence

Compliance , ,

As you may be aware the regulation of consumer credit will move from the Office of Fair Trading (OFT) to the FCA on 01 April 2014. Find out what you need to do here.

Read More
Dark_wall_just_ateb_signage

HM Government e-petition

Compliance

There is a Government e-petition here which aims to increase the protection afforded to Financial Advisers by removing the Ombudsman’s right to consider a claim without any long-stop restriction and without applying the Limitation Act 1980.

Read More
Dark_wall_just_ateb_signage

FCA Thematic Review – RDR So Far

Compliance ,

RDR requires advice to be free from bias, clearly explained and transparently charged. The FCA is currently conducting a three-stage thematic review and the first part of that review has raised a number of concerns.

Read More
Dark_wall_just_ateb_signage

What is Structured CPD

Compliance ,

Currently, this is one of the questions we are most often asked.

The trouble is, there are different sources of opinion. At the end of the day, we believe that it is the FCA’s opinion that counts and this is what they say.

Read More
Load More