The new Consumer Duty Finalised FCA Guidance comes with expansive evidential requirements. Firms will need to deploy advanced data-driven technology solutions to meet the regulator’s data-focused demands, with many firms needing to adapt current processes to comply.
How can Worksmart help guide you through the requirements of Consumer Duty?
Worksmart are a specialist technology company, providing a range of ‘RegTech’ software solutions that help maximise operational efficiency through strengthening our clients approach to Governance, Risk & Compliance.
We offer a range of tools and multi-award-winning technologies that can be tailored, deployed and used tactically and which span much of the regulator’s guidance on monitoring and useful data/information sources relating to Consumer Duty.
Most crucially, our solutions support workflows to drive, monitor and evidence direct affirmative steps and any remediation required, which in itself will deliver significant support in evidencing proper governance and appropriate management of business processes.
As well as regulatory compliance, applying the right technology has the additional benefit of making business processes more efficient, which in turn will drive team productivity, which will help drive the business case for investment given the projected costs of both the implementation and on-going management of the Duty, to ensure you meet the 5 key milestones laid out by the FCA.
At Worksmart, we’re dedicated to helping firms by providing them with practical interpretations of regulatory matters together with RegTech to help support firms in achieving their regulatory obligations. In this series of blogs about Consumer Duty (CD), we provide an overview of the key points of the new CD rules.