"This adoption of Model Office means we now have over 20% of the retail investment advice market using our RegTech."
- Chris Davies, Model Office Founder
For the last twelve months, Bankhall has been working in partnership with Model Office to develop a bespoke version of the solution with input from 250 of its client firms.
MO® is a regulatory technology (RegTech) solution enabling retail intermediary advice firms to benchmark their business compliance activities against all relevant FCA regulations, with a fully automated gap-analysis and audit reporting process. Bankhall’s MO® includes ongoing detection, analysis, and tracking functionality in line with Consumer Duty, with users able to produce real-time reports.
Commenting on these advancements, Linda Preston-Todd, Client Relationship Director at Bankhall, has said:
“Our partnership with Model Office is a prime example of how Bankhall is investing in its services and revolutionising the traditional audit process, helping advisory firms to evolve for the future while ensuring they continue to get maximum value from our expert consultancy team.
“With the FCA becoming increasingly data-driven, utilising this software enables advisers to meet their Consumer Duty requirements more easily, while staying on the front foot with other risks on the horizon, from data protection to financial crime.”
Chris Davies, Model Office Founder, added:
“With an increasingly data-led regulator, support providers need to offer advisory firms the ability to scrutinise their compliance activities and data to ensure there is good and evidenced-based compliant practice and accurate audit reporting across all relevant FCA regulations.
“We are extremely pleased that Bankhall has adopted MO’s RegTech, providing them with digital and streamlined audit services, which gives them a significant advantage as a compliance support service provider. The software will streamline audit data reporting, saving Bankhall and their client firms significant time and costs and increasing data quality and management information in real time.”
