The requirement for advice firms, networks and support services to be data led and deliver data driven reports and MI across key regulatory directives is now the norm. Client file reviews have always been considered a quality control challenge by the FCA, with TR24/1 in particular stipulating that client files suffer from missing and incorrect documents in particular. This challenge is compounded by the fact firms generally only cover a small selection of client file checks annually.
Model Office has consulted with clients extensively on this challenge and, drawing on insights from its recent participation in the FCA AI Lab Supercharged Academy, is launching integrated AI-powered client file review software. The solution automates file verification checks and audits, integrates with back-office technology, and provides data-driven dashboards covering key client file KPIs and MI for compliance officers and auditors.
Key features The Model Office client file review dashboards offer:
- Automated and CRM integrated client file document verification checks against a taxonomy of expected documents and products sold
- AI oversight to identify and assess document naming, tagging and categorisation standards
- Automated AI audit across select documents and compliance policies to benchmark document content against FCA rules and produce AI ratings and human stewardship / oversight content
- Audit is segmented into three categories: client onboarding, pre- and post-sale
- Ability to run client file reviews across a larger number of clients
- Notes function to build automated digital audit trails evidencing good practice and standards
- Individual scoring to provide an overall file score
- Configurability for firms to add their own documents for audit purposes
Chris Davies Model Office founder and Director said: “Model Office Is fresh out of the FCA AI Lab and our mission is to ensure advice firms have all the data and MI they need to evidence they comply with FCA regulations in one place at the click of a button. Our new automated client file review software does just that, providing full AI empowered automation for firms to run client file audits freely and gain valuable MI to ensure all files, not just a small selection meet FCA and compliance team expectations”.
