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

blur-close-up-cup-of-coffee-depth-of-field-390392

Financial Resilience Survey – General Insurance

Compliance

The FCA Financial Resilience team has clarified the intention behind the data requested in their survey in relation to Question 2b. Question 2b, Please provide how much of your cash inflows advised in 2, is ‘contractually committed’. The online FAQ, gives the guidance … “We want to identify how much of your estimated cash inflow […]

Read More
https---s3-eu-west-1.amazonaws.com-fta-ez-prod-ez-images-5-2-0-7-1217025-1-eng-GB-FCA2.JPG?v1

FCA Covid-19 survey to be repeated

Compliance , , , , , , ,

We have been advised by the FCA that they intend to issue yet another Covid-19 survey shortly. This is the FCA statement: “Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled […]

Read More
Businessman person space laptop

PS 21/4 – Extension of Annual Financial Crime Reporting

Compliance , , , ,

The FCA has confirmed in PS21/4 that it is proceeding with its previously stated intention to extend the requirement to submit REP-CRIM, the annual financial crime report.  Firms conducting the following activities, regardless of turnover, will have to submit the report: advising on investments, where the firm holds client money or assets arranging (bringing about) […]

Read More
information

FG 21/3 – Pre-transfer advice information for clients

Compliance , , , , , ,

This fourth in a series of articles on FG 21/3 takes a closer look at the guidance around pre-advice information for clients enquiring about pension transfer advice. The FCA calls this ‘triage’, which derives from the French word trier which means to sort or to select. This label is really a misnomer as pre-advice information […]

Read More
windmill, sustainable, ESG,Clouds dawn dusk electricity

ESG, ESG, ESG!

Compliance , , , , , , , ,

Well, 21 March has come and gone and, while it is presumed that the EU’s new disclosure rules around sustainable investments might have gone live on that date as scheduled, nothing much happened in the UK that day. At least not much related to ESG, if you ignore the apparently ever-increasing number of articles on […]

Read More
Load More