The top investment firms in the city seem to have their compliance under control, as they have not faced FCA related ‘fitness and propriety’ fines this year to date.
It is the next layer of general insurance and investment advisors that are still being caught out.
This year alone several firms have had fines ranging from £29,000 to over £460,000 levied.
Whilst this is surprising, as the financial and regulatory technology market is flooded with solution providers, it is not completely unexpected. Why? Simple.
'It is simply too difficult, will cost too much and demand too much time to integrate new innovative FinTech and/or RegTech technologies.'
Integration challenges exist for all; both for large enterprises as well as mid-sized & small financial advisory agencies.
Whilst they each face the same challenges, their considerations will vary, as follows:
Ironically, implementing FinTech and/or RegTech solutions today couldn’t be easier. Whether the above considerations arrive at a conclusion of a platform upgrade to adopt innovative solutions off the shelf, in house development or via a customised solution matching existing infrastructure.
Whether project delivery is carried out through internal or outsourced project management teams. The scalable and flexible options all can cater to the needs of the business requiring a compliance monitoring solution, not the other way around.
Even though costs associated with purchasing and fitting compliance solutions will be notable, they will be nothing compared to the fines the FCA will levy.
Like this article? I hope it has given you something to think about. If you would like to discuss the complexities of SIMR, SM&CR compliance monitoring, reporting please feel free to call – we’d welcome the opportunity to have a real conversation about how we can save you time and money with infoFINIUM.
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Or call us today on 44 (0)1494 546 089Who are we?
We are proud of our team of highly experienced & well connected professionals, who have been successfully delivering business solutions across diverse technologies and in multiple industry sectors.
Our particular expertise is in the financial services and insurance sectors.
Along with this, we are able to call on our extensive network of consultants, partners and associates to augment our delivery capacity. TechFINIUM currently has operations in the UK, South Africa, and India.Harnessing Technology Boundaries