REGULATORY EXPERTISE
The Adviser : Nice to catch up with you Shirley . Firstly , please can you tell us a bit about you , your background , and what you and the team do ?
Shirley Owen : I ’ ve worked within financial services for 33 years in a variety of roles such as underwriter , paraplanner , adviser , and T & C Supervisor . I joined Compliance First nearly two years ago to head up the Advice Quality Team , which is now a team of 11 , covering all four corners of the United Kingdom ! I am proud of the fact that the team has a variety of backgrounds and experience , which means we are constantly learning and developing together . We have almost 640 firms of all different types and sizes who use our file review services . We can offer anything from basic file reviews , through to bespoke , one-to-one service depending on the requirements of the business .
TA : There have been some big transformations in the way that your team works in the past year , can you tell us a bit more about this ?
SO : My key task when joining Compliance First was to digitalise the file review process to remove inconsistencies , improve efficiencies and still retain the personal touch that advisers and their clients value . At the time , all reviews were done by individuals in isolation which allowed for inconsistencies in knowledge and therefore inconsistencies in reviews . This was frustrating for our Members , was inefficient , and restricted the output provided . It held little MI data and didn ’ t demonstrate to firms the bigger picture , highlighting only the failings of the file . We therefore brought in a system called IFA Dash which enabled us to create a Specialist Serviced Portal . The portal allows advisers to securely upload files to be reviewed and automatically allocates them to a member of the team based on their knowledge and expertise . Once the assessment is completed , the portal will return the completed feedback to the firm for them to review . Firms are provided with an in-depth assessment of KYC , research , investment and suitability of advice , covering over 40 questions that aim to mirror the FCA expectations
TA : What results have you seen from the implementation of this system ?
SO : The key improvement has been that advisers are getting consistency in their service . The feedback report allows them to click through directly to the relevant part of the FCA website , COBS and SimplyBiz Member site so that they can see what the regulatory stance is on any given area . More recently we have added the requirements of Consumer Duty to the suitability report so firms can be sure they are compliant to the new regulations . The report they receive now highlights what they are doing well , rather than the previous system that only told them where they needed to improve .
MY KEY TASK WHEN JOINING COMPLIANCE FIRST WAS TO DIGITALISE THE FILE REVIEW PROCESS TO REMOVE INCONSISTENCIES , IMPROVE EFFICIENCIES AND STILL RETAIN THE PERSONAL TOUCH THAT ADVISERS AND THEIR CLIENTS VALUE .
Since the system went live in June 2022 , the team has been able to go from checking three files a day to five , so productivity has nearly doubled , meaning we can take on more work for more firms . We are on track to have reviewed 10,000 files by the end of the year !
TA : Can you share your thoughts on the shape of the industry at the moment ? Are there any hints or tips you would offer to advisers in the current climate ?
SO : We are seeing an increase in the use of annuities being considered with clients who have shortfalls in essential expenditure . This has resulted in the creation of more bespoke solutions for clients as more detailed analysis of needs over wants are being carried out . I think the lifetime mortgages market will continue to grow as advisers consider income in retirement as a whole , rather than just FAD . I think advisers need to continue to give consideration of long-term care , as more elderly go into care homes . I would like to see more firms have at least one long-term care adviser and one ER , or be aligned to firms who do , to ensure the best quality advice is given .
TA : What ' s next for the Advice Quality Team ?
SO : The possibilities for the team and for our Members are endless ! In the short term , we will continue to strengthen our MI to share with both the wider business and the Member firms allowing us to learn and improve together . This will help with training , certification , business planning , CPD and revenue , meaning that firms can continue to grow their businesses whilst ensuring they stay compliant . Longer term , we will look to further utilise technological developments in the financial technology market to further streamline our process and offer even more value to our Members . We talk a lot about the future of AI ; I can ’ t see it taking on the role of file reviewer quite yet ! There are so many anomalies of life that impact the outcomes and what equals good advice , based on each client ’ s own personal situation and needs . It could , however , be useful for the tick-box exercises that take up man hours and make some tasks quite time consuming ; it will be exciting to see it develop !
Learn more about our Advice Quality Team ' s File Review Service on our websites in the Specialist area of the Compliance tab .
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