Working smarter not harder: how technology is helping advisers with growing demands of compliance and regulation

by | Jul 23, 2023

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IFA Magazine’s recent reader survey, carried out in conjunction with specialist T&C and People Compliance platform, HRComply, revealed that advisers have real concerns about coping with the pressures of complying with ever increasing regulatory requirements.  

Can advisers really futureproof their business by working smarter not harder when it comes to regulation and compliance? Are there some practical and simple ways in which advisers’ lives can be made easier?

The answer to these questions appears to be ‘yes’. So, to delve a bit deeper into these issues, IFA Magazine’s Sue Whitbread recently caught up with HRComply’s CEO, Neil Herbert, to discuss not only the issues but also some practical solutions including how HRComply’s clever platform technology can help ease the burden for advisers.

 
 

The overarching goal of our recent survey in conjunction with HRComply was to better comprehend to what level financial advice professionals feel that they understand the detail of personal compliance as well as how this plays out within the advice business in practice. 

Concerningly, the vast majority of our survey respondents, 71% in fact, told us they were at least ‘partly’ worried or ‘very’ worried about not keeping on the right side of compliance. We were also surprised that more than a third of respondents (38%) told us that the increasing tightening of regulatory compliance makes them ‘more likely’ to leave the industry.

Sue began this conversation by asking Neil to explain what HRComply does to help advisers – and how they do it. “Put simply”, Neil explained, “we’re here to help advisers and regulated finance businesses to operate more efficiently and in a more streamlined way. We help advisers to boost their overall productivity whilst allowing their senior management teams to sleep a little easier at night.  

 
 

“We work with each individual advice firm, making sure we consider the diverse needs of each one. We can then help the firm to put in place robust processes to ensure that their ongoing requirements for regulation and compliance – which have become such a significant responsibility for advice firms -are met efficiently and effectively.

“By reducing risks in this way, we can be sure that the advice firm can focus its attention on the delivery of great client service and on doing more business, engaging staff more easily and effectively too. It also means much greater peace of mind for the principals – something not to be overlooked – particularly as the survey told us that over 70% of Advice Professionals still worry about personal compliance and regulation.

“Many advisers who are using a RegTech automated platform solution, such as HRComply’s, are finding that it can make a huge difference and can transform their business success.”

 
 

Keeping on the right side of compliance

The HRComply platform is a clever, RegTech platform which has been designed to help advisers to thrive despite today’s constantly changing regulatory environment.

With the FCA’s Consumer Duty Rules coming into force for advisers on 31st July, it’s more important than ever for advisers to have robust processes, good data and good governance in place. That way they can ensure that the advice business can be confident of meeting constantly evolving regulatory requirements in future as well as today.

 
 

“That’s where we can help” explained Neil. “Many RegTech providers’ solutions have been designed for big companies with big budgets. However, our system delivers on all aspects either on a bespoke basis or via an ‘out of the box’ solution for advice firms operating right across the size spectrum. And it’s very cost effective too.

“Critically, HRComply’s platform helps advisers to identify where they have risks or shortfalls. This includes elements of people risk too, which can arise from those individuals operating within the business. It all happens in real time, allowing firms to mitigate those risks immediately through taking appropriate action. Overall, our focus is on making life easier for advisers, bringing them valuable reassurance from having robust systems in place as well as an audit trail to back it all up.”

Using the platform helps advice firms to manage their T&C, performance, conduct & certification needs and associated risks too. If a firm is already complying with and managing RDR processes effectively, then delivering on the Consumer Duty requirements should be a piece of cake! The problem is that many firms already struggle.

 
 

HRComply offers different options to advisers with both ‘out of the box’ solutions as well as highly bespoke compliance and HR regulatory solutions. It’s all driven by a user-friendly software platform and supported by expert consulting services. 

Setting standards and benchmarks – whether for quality and suitability of advice, competence, conduct or consumer outcomes – then ensuring they are assessed and met – is the basic role of such a platform. Maintaining complete and full records – proving audit trails – is the added benefit.

This is where an automated system, such as the HRComply platform, which is not only easy for advisers to access and use but also very easy to be on top of, with clear audit trails and records, can really deliver results – as well as the peace of mind which is so crucial. Getting this wrong carries the risk of – fines, reputational damage and the loss of staff and customers. Also, the major reduction of time spent managing and chasing down these processes – means that such a system earns its keep very quickly from a cost/benefit viewpoint.

 
 

Click here to read part two

For more information about how your advice business can streamline People Compliance, Certification and T&C whilst reducing the worry and burden of keeping up to date, or to arrange an online demo of the HRComply platform, contact the HRComply team at mail@hrcomply.co.uk, call Neil on 020 3176 7859, or visit their website: www.hrcomply.co.uk

About HRComply

HRComply was founded in 2009, capitalising on many years spent assisting financial institutions in delivering T&C, Conduct and Performance solutions to meet FCA requirements. As new regulatory regimes have been introduced, HRComply has worked with its clients to develop the software to its current four-solution structure.

Our focus is delivering products, content, processes and support that are individually tailored to our customers’ needs. All of our development work has been conducted in collaboration with our clients, designed to meet their business requirements and address their regulatory risks.

 
 

HRComply has a strong and dynamic Senior Management and delivery team. Between them they have many decades of City-based HR, Compliance and T&C experience delivering software  system solutions to meet regulatory and client needs.

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